Mountainview Energy Ltd Announces Delayed Filing of Annual Financial Statements
UT BANK, MT, April 30, 2013 /CNW/ - Mountainview Energy Ltd. (MVW.V) ("Mountainview" or the "Company announces that the filing of its annual financial statements and related management discussion and analysis for the year ended December 31, 2012 (the "Filings") will be delayed. The Filings are due on or before April 30, 2013 . As a result of the failure to file the Filings on time and in accordance with applicable securities laws, Mountainview has, pursuant to an application made to the Alberta Securities Commission and the British Columbia Securities Commission, voluntarily requested a management cease trade order in accordance with National Policy 12-203 (the "Policy"). A management cease trade order will prevent Mountainview's President & Chief Executive Officer, Patrick Montalban , as well as its Chief Financial Officer, Angelique Hatch , and the directors of Mountainview from trading the Company's securities while the Company remains in filing default, but enables all other investors to continue trading the Company's securities.
The filing delay is principally due to the fact that Mountainview is preparing the Filings for the first time in accordance with U.S. GAAP, which requires the corresponding changes in reserves engineering requirements associated with preparing the Annual Filings. Mountainview and its auditors and independent reserves engineers have worked diligently to proceed with the conversion to U.S. GAAP; however, it is expected that this process will take some additional time thereby delaying Mountainview's ability to file the Filings. It is anticipated that this process will be complete soon and the 2012 Annual Financial Materials will be filed shortly after the filing deadline. Mountainview expects to file the 2012 Annual Financial Materials on or before May 17, 2013 , and not later than May 31, 2013 .
If the financial statements are not filed by May 31, 2013 , the date that is one month after the filing deadline for the Filings, the relevant security commissions or regulators may impose an issuer cease trade order. Mountainview understands that an issuer cease trade order may be imposed sooner if Mountainview fails to file its bi-weekly Default Status Reports on time.
Mountainview intends to satisfy the alternative information guidelines set out in the Policy by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of this filing requirement.
Mountainview is not subject to, nor does it expect to become subject to, any insolvency proceedings. If for any unforeseen reason Mountainview becomes subject to any insolvency proceedings during the period in which it is in default, Mountainview will file material change reports containing the same information it provides to creditors at the same time the information is provided to creditors throughout the period in which it is in default.
All material information concerning the affairs of Mountainview has been disclosed to the public through news releases and filed on SEDAR.