MONTREAL, QUEBEC--(Marketwired - Sept. 26, 2014) - ZoomMed Inc. (TSX VENTURE:ZMD) - ZoomMed announces it should be unable to release on time its audited annual financial statements, the management discussion and analysis and the chief executive officer and chief financial officer certifications for the year ended May 31, 2014 (collectively, the "Annual Financial Statements 2014").
The Corporation anticipates being unable to release the Annual Financial Statements 2014 in a timely manner because of the study carried out by the external auditors about subsequent events which have recently taken place closed to the date for finalizing the Annual Financial Statements 2014, namely the sale of its ZRx Prescriber in Canada to TELUS Health announced on September 3, 2014, as well as difficulties related to transmission of information and knowledge in the scope of this audit to the above-mentioned external auditors.
The Board of Directors of the Corporation and its officers expect to proceed quickly in order to fulfill the obligations of the Corporation in regards with the release of the Annual Financial Statements 2014. The Corporation except being able to release its Annual Financial Statements 2014 within the next ten (10) business days.
Consequently, the Corporation will ask the proper securities regulatory authorities to be assigned to a management cease trade order under the Policy Statement 12-203 Respecting cease trade orders for continuous disclosure defaults (the "Policy Statement 12-203"). As provided under the Policy Statement 12-203, the Corporation expect to comply with the alternative information guidelines as long as it will be considered in default of complying with a specified obligation. During the period the Corporation will be in default, the Corporation will issue biweekly default status reports in the form of subsequent press releases containing the requisite information, which will also be release on SEDAR. As of the date of this news release, the Corporation is not subjet to any insolvency proceedings. As of the date of this news release, no other important information on the Corporation's business had not already been made public.
ZoomMed builds and operates "ZoomMed's communication network", a clinical information exchange platform between physicians and the various other stakeholders of the healthcare sector, such as pharmacists, specialists, pharmaceutical corporations and private insurers. The cornerstone of this network is ZoomMed's "ZRx Prescriber", a technological innovative Web application that greatly simplifies the writing of a prescription for the physician. Since it is a stand-alone product, it can easily be integrated to any Electronic Medical Record application (EMR).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.