LONDON, ONTARIO--(Marketwire - Nov. 19, 2010) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that COTI was selected as part of the Ontario Securities Commission's (OSC) normal course compliance monitoring process for a full review of its continuous disclosure record. Based upon this review, COTI has refiled certain documents as further described below.
The Company completed its annual filings on SEDAR for its fiscal year ended April 30, 2010 on Thursday July 15, 2010. The next day on Friday July 16, 2010, it was determined that data in five tables in the Management Discussion and Analysis (MD&A) as filed, did not convert properly to the PDF format on the production of the filed copy and appeared as black filled boxes in the filed version. Accordingly, an Amended MD&A correcting these tables was immediately filed on SEDAR on Friday July 16, 2010 along with a separate covering letter of explanation. The Company should also have refiled the Chief Executive Officer and Chief Financial Officer certificates in Form 52-109F1R at that time as the certificates filed the prior day were dated July 15, 2010 and should have been updated to cover the refiled MD&A of July 16, 2010. The annual filing certificates for fiscal 2010 in compliance with NI 52-109 were accordingly filed today.
The OSC review also brought to COTI's attention that two elements required in the Statement of Executive Compensation Form 51-102F6 related to Item 7, Director Compensation, were not included in COTI's initial filing on October 1, 2010 as contained in COTI's Management Information and Proxy Circular. The Company has filed an amended Statement of Executive Compensation today wherein the Director Compensation Table at section 7 now includes two additional columns setting out the value of the options granted and the total directors' compensation as required.
About Critical Outcome Technologies Inc. (COTI)
COTI is formed around a unique computational platform technology called CHEMSAS®, which allows for accelerated identification and optimization of targeted small molecules potentially effective in the treatment of human diseases for which current therapy is either lacking or ineffective. COTI is focused on preparing its lead anti-cancer compound, COTI-2, for an Investigational New Drug filing in the USA in 2011. In addition to COTI-2, the company has a significant preclinical pipeline targeting market opportunities such as: acute myelogenous leukemia and other cancers, multiple sclerosis, HIV integrase, and Alzheimer's disease.
For more information, please visit our website www.criticaloutcome.com.
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