TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Arius3D Corp. ("Arius3D" or the "Company") (TSX VENTURE:LZR) announced today that the filing of its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended on March 31, 2012 (the "Annual Filings") will be delayed beyond the filing deadline of July 30, 2012. As a result of the liquidity constraints facing the Company, the Company is not in a position to prepare its Annual Filings on a timely basis.
As a result of this delay, the Company currently intends to make an application with the Ontario Securities Commission, and other securities commissions in each of British Columbia and Alberta, requesting that a management cease trade order (an "MCTO") be imposed in respect of this late filing. There is no guarantee that an MCTO will be granted. If an MCTO is granted, the MCTO will prohibit the Chief Executive Officer and Chief Financial Officer, and possibly the directors and other insiders of the Company, from trading in securities of the Company for so long as the required filings have not been completed. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in securities of the Company. The Company intends to satisfy the provisions of the alternate information guidelines of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12- 203") as long as it is in default of the filing requirements. This news release constitutes a "default announcement" made pursuant to NP 12-203.
The Company is pursuing financing alternatives to enable it to prepare the Annual Filings and currently anticipates that the Annual Filings will be completed by September 28, 2012.
ABOUT ARIUS3D CORP.
Classified as an "Information Technology" company, Arius3D is publicly traded and listed on the TSX Venture Exchange trading under the symbol "LZR". Arius3D creates imaging solutions that allow organizations to capture and share unique physical objects in digital form. Arius3D offers 3D imaging systems and services to a growing 3D image library. The Arius3D technology supports wide ranging applications in culture and heritage, entertainment, education and product design with a primary focus of generating image license recurring revenues from rich media content. Arius3D has its head office located in Mississauga, Ontario. Visit our website at http://www.arius3d.com to understand more about the Company.
This news release contains forward-looking information and forward-looking statements (collectively "forward looking statements"), within the meaning of applicable securities laws. Such forward looking statements, including statements regarding the ability of the Company to prepare and file its Annual Filings on a timely basis and to raise funds, are based upon assumptions, and estimates made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results or outcomes to differ materially from those expressed or implied in the forward looking statements and, accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the failure of the Company to raise sufficient funds to enable it to complete the Annual Filings and the other risks and uncertainties which are more fully described in the Company's Management's Discussion and Analysis for the 2011 fiscal year and in other Company filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward looking statements and accordingly, readers should not place undue reliance on those statements. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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.