Devine Entertainment Provides Corporate Status Update
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TORONTO, ONTARIO, Jun 01 (MARKET WIRE) --
Devine Entertainment Corporation (OTCBB: DVNNF), announced today that a
Cease Trade Order has been issued by the Ontario Securities Commission on
May 26, 2009 due to the failure of the Company to file its annual audited
financial statements, CEO and CFO certifications, management discussion
and analysis and annual information form for the year ended December 31,
2008. Trading in the Company's shares has been halted in Canada for such
period until further order by the Director. In addition to the Cease
Trade Order, the Company is subject to the cease trade orders issued by
the Autorite des marches financiers on May 14, 2009 and by the British
Columbia Securities Commission on May 19, 2009, each of which was issued
due to the failure of the Company to file and mail to its Shareholders
audited financial statements for the year ended December 31, 2008. The
Company intends to comply with the requirements of the Ontario Securities
Commission , the Autorite des marches and the British Columbia Securities
Commission in connection with the Cease Trade Orders.
Devine continues to pursue a series of corporate and production related
financings that, if completed successfully in the near future, will put
the Company on a stronger fiscal footing and provide the Company with
sufficient financial resources to pay its auditors to complete the audit
required in connection with the 2008 Financial Statements and the review
required in connection with the March 31, 2009 Quarterly Financial
Statements. The Company has applied for a partial revocation of the Cease
Trade Order to be able to complete certain financings and the Company
also intends, within a reasonable time, to apply to the Ontario
Securities Commission the Autorite des marches and the British Columbia
Securities Commission for a full revocation of the Cease Trade Orders.
The Company is also providing its second bi-weekly Default Status Report
in accordance with National Policy 12-203: Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203"). The Company announced a
delay in the filing mailing of its audited comparative financial
statements (including the Management's Discussion and Analysis related
thereto) as well as the filing of its Management Information Circular for
the year ended December 31, 2008, which are due to be filed and mailed to
shareholders no later than June 9, 2009. Until such time as the 2008
Financial Statements have been filed, Devine intends to postpone the date
for its annual meeting of shareholders for the year ended December 31,
2008, which was previously scheduled for June 30, 2009.
The Company confirms that, except as described herein and in its initial
announcement: (i) there is no material change to the information set out
in its initial announcement filed pursuant to NP 12-203; (ii) there has
been no failure by the Company in fulfilling its stated intention with
respect to satisfying the provisions of the alternative information
guidelines set out in NP 12-203; (iii) there is no actual or anticipated
specified default subsequent to that disclosed in the initial default
announcement; and (iv) there is no other additional material information
concerning the affairs of the Company that has not been generally
disclosed.
About Devine Entertainment
Devine Entertainment Corporation develops, creates, and produces
award-winning television programming and feature films for worldwide
distribution across multiple TV broadcast networks, cable and satellite
networks, DVD and Internet markets. Specializing in cultural and
educational programming as well as prime-time drama and comedy
entertainment programming, the Company's titles have garnered more than
120 international film and television industry awards including 34 EMMY
and Gemini nominations (winning 5 of each).. The Company has partnered
with leading international distributors, broadcasters and co-producers,
such as Sony BMG, Rogers Media, Beta Film, Hal Leonard, and The Carrere
Group of France to finance, co-produce and distribute its award-winning
film and television titles.
Among Devine's critically-acclaimed productions are its cultural and
educational film series originally seen on HBO on history's landmark
Composers', Inventors' and Artists', which have been broadcast in more
than 50 countries. The Company continues to expand its proprietary
library of high-quality film and television content. Among its
general-audience primetime programming is the acclaimed one-hour mystery
series, "Across the River to Motor City."
Headquartered in Toronto, the Company's common shares trade on the NASD
OTCBB market in the U.S. under the symbol DVNNF. The Company's corporate
website is www.devine-ent.com .
Forward-Looking Statements
This press release may contain forward-looking statements relating to the
future performance of Devine Entertainment Corporation. Forward-looking
statements, specifically those concerning future performance and the
achievement of operating profitability are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties include the market acceptance of the Company's products and
services; competition within the film and entertainment industry and the
introduction of new entrants and/or products in the Company's markets;
adverse changes in governmental regulations and policies affecting the
film and entertainment industry; product development risks and risks of
technological change; the risk of unanticipated expenses; and other risks
and uncertainties all as described in the disclosure documents filed with
securities regulatory authorities in accordance with applicable
securities laws. Readers are cautioned that the foregoing list of factors
is not exhaustive. Although the Company believes that the expectations
conveyed by the forward-looking statements are reasonable based on
information available to it on the date such forward-looking statements
are made, no assurances can be given as to future results, levels of
activity and achievements. All subsequent forward-looking statements,
whether written or oral, attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these cautionary
statements. The Company assumes no obligation to update forward-looking
statements should circumstances or management's estimates or opinions
change.
Contacts:
Devine Entertainment Corporation
Richard Mozer
416-364-2282, Toll-free: 877-338-4633
rmozer@rogers.com
Devine Entertainment Corporation
Arnold Tenney
705-445-9505
atenney@devine-ent.com
Copyright 2009, Market Wire, All rights reserved.
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