Sparta Provides Update on Management Cease Trade Order as New Audit Deadline Approaches

ACCESSWIRE

Fri, Feb 25, 2022, 8:30 PM 3 min read

TORONTO, ON / ACCESSWIRE / February 25, 2022 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that further to its January 28, 2022 news release ("Default Acceptance") the Company will be in a position to file its annual financial statements in accordance with the new filing deadline of March 1^st 2022.

In the original "Default Announcement" dated January 27, 2022, Sparta reported that it had completed an application seeking an order for an MCTO from the Alberta Securities Commission (ASC) because the Company was unable to file its annual financial statements for the year ended September 30, 2021, including the related management's discussion and analysis and certifications from the CEO and CFO (the "Annual Filings") in time to meet the January 28, 2022, filing deadline. On January 28^th, 2022, the application was accepted by the ASC.

During the audit preparation work, several senior management involved in the audit, contracted COVID-19 thus delaying the filing. It is believed all contracted the virus over the Christmas break. The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the management cease trade order is no longer in effect; however, regular trading by current and future investors (those outside the Company), continues as normal. The MCTO will be in effect until the Annual Filings are filed.

All managers who fell ill have fully recovered; however, the Company immediately put measures in place, including senior management isolating and bringing middle managers into the audit process to help avoid further illness and ensure the new filing deadline would not be compromised.

Until the Annual Filings are filed, the Company intends to continue to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203 - Management Cease Trade Orders.

The Company confirms that, other than what was disclosed in prior news releases, there have been no material business developments since the filing of the Company's latest interim financial report.

About Sparta

Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.

Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSXV:SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.

For more information contact:
John O'Bireck, President & CTO
Email: jobireck@spartagroup.ca
Telephone: (905) 751-8004

This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release).

SOURCE: Sparta Group

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