so, the company, completely ignoring their responsibility to their shareholders to remain compliant with the regulations, left investors in the lurch. It is the responsibility of the company to ensure they do not go offside, but they did, and have ignored requests from shareholders ever since to file the audited financials. Considering they earned no money, have no businesses, the financials should be easy. But they decided to take the low road. I have spoken at great length about this matter to Canadian regulators and here is what they said. I have pasted the main body of their response.
The capital markets rely upon timely and accurate financial reporting which provides investors, and potential investors, with information that would allow them to make an informed decision. In the absence of information investors cannot make an informed decision. When reporting issuers fail to file and meet continuous disclosure obligations a cease trade order is placed on the delinquent issuer.
Here in America, the SEC orders a halt trade which suspends trading for a defined period. The stock then is released for trading on the gray sheets which means no live quotes and all orders must be placed, and matched by the broker at an increased cost. Once a stock goes to the greys, unless they find a market maker willing to back them, shareholders are left in the lurch. In Canada if the company becomes compliant, they are free to trade once again and must meet the listing requirements of the exchange. Since the OTCBB is not an exchange the situation becomes more severe for shareholders.
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