June 25, 2008 - Calgary, Alberta – (WARK:CNQ) Pursuant to CSA Staff Notice 57-301 (“Staff Notice”), Warwick Communications Inc. (“Warwick” or the “Corporation”) provides its bi-weekly update on the status of its audited financial statements for the fiscal year ended December 31, 2007 and related reports.
Warwick’s management and directors are currently subject to a management cease trade order (“CTO”), which was granted on April 30, 2008 by the Alberta Securities Commission. Warwick’s request for a management CTO was made when it became apparent that it would be delayed in filing its audited financial statements for the year ended December 31, 2007 due to its newly appointed auditors not being able to complete the audit before April 30, 2008.
On May 14, 2008 Warwick announced that it had engaged the firm of Maldaner Crooks Watson, Chartered Accountants & Business Advisors to be the Corporation’s auditors and to prepare Warwick’s audited financial statements for the year ended December 31, 2007.
Consequential of the delay in filing its audited financial statements for the year ended December 31, 2007 Warwick was unable to file its first quarter interim financial statements for the period ended March 31, 2008. The Corporation expects to file the first quarter interim financial statements on or before June 30, 2008.
Warwick confirms that: (i) other than as disclosed in this news release there is no material change to the information set out in its initial notice of default filed on SEDAR on April 30, 2008; (ii) Warwick intends to file its financial statements in accordance with the time allotted under the Staff Notice by the ASC; and (iii) there is no other material information concerning the affairs of Warwick that has not been generally disclosed.
As a consequence of this notice, no director, officer or other insider is permitted to buy, sell or otherwise transact in the shares of the Corporation until the audited financial statements are filed and the management CTO is removed.
Based in Toronto, Ontario, the Corporation is a communications company that includes book publishing, internet design and production, and book trade distribution. The Corporation has commercial distribution in Canada, the United States, the United Kingdom, Australia and New Zealand. Warwick to date has produced in excess of 300 consumer book, calendar and audio CD titles. Warwick specializes in daily interest nonfiction titles.
The CNQ has neither approved nor disapproved the contents of this press release. The CNQ does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Jeremy White – President, CEO and CFO
Telephone: (403) 651-6357