Bennett Announces Expected Delay In Filing Annual Financial Statements
* Reuters is not responsible for the content in this press release.
OAKVILLE, ONTARIO, Mar 31 (MARKET WIRE) --
Bennett Environmental Inc. ("Bennett" or the "Company") (TSX: BEV)
reports that it has been delayed in filing its annual financial
statements, annual Management Discussion & Analysis related thereto and
its Annual Information Form, for the year ended December 31, 2007 by the
required filing date under applicable Canadian securities laws, namely
March 31, 2008. The delay is attributable to a number of accounting
issues including matters relating to contingencies and impairment testing.
Bennett is working with its auditors to complete the audit of the
Company's financial statements as soon as possible. The Company
anticipates that it will be in a position to file its annual financial
statements and related annual filings by May 31, 2008. Until its annual
financial statements and related annual filings are filed, the Company
intends to satisfy the requirements of the "alternate information
guidelines" described in CSA Staff Notice 57-603 (the "Policy"),
including issuing bi-weekly default status reports.
As a result of this delay, Bennett management has asked the Ontario
Securities Commission, the British Columbia Securities Commission and the
Autorite des marches financiers to put in place a management cease trade
order (the "MCTO") covering all persons who are directors, officers or
insiders of the Company or who have been directors, officers or insiders
of the Company during the period that the financial statements are being
prepared. Pursuant to the Policy, if the Company's annual financial
statements and related annual filings are not filed by May 31, 2008, one
or all of the Ontario Securities Commission, the British Columbia
Securities Commission or the Autorite des marches financiers may impose
an issuer cease trade order against Bennett. The Company does not believe
that it will be affected by this aspect of the Policy because it
anticipates that it will be in a position to file its annual financial
statements and related annual filings by May 31, 2008. The MCTO will
remain in place until two full business days following receipt by the
commissions of all filings that the Company is required to make pursuant
to applicable Canadian securities laws.
About Bennett Environmental Inc.
Bennett Environmental Inc. is a North American leader in high temperature
treatment services for the remediation of contaminated soil and has
provided thermal solutions to contamination problems throughout North
America. Bennett Environmental's technology provides for the safe,
economical and permanent solution to contaminated soil. Independent
testing has consistently proven that the technology operates well within
the most stringent criteria in North America.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release and in certain
documents incorporated by reference into this press release constitute
forward-looking statements. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" and "confident" and similar expressions are intended to
identify forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Bennett believes that the expectations
reflected in those forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in, or incorporated by
reference into, this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts:
Bennett Environmental Inc.
Frederick Cranston
Chief Financial Officer
(905) 339-1540 or Toll Free: 1-800-386-1388
(905) 339-0016 (FAX)
Email: FCranston@bennettenv.com
Copyright 2008, Market Wire, All rights reserved.
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