• Tue. Sep 20th, 2022

Sparta Announces Acceptance of Management Cease Trade Order by Alberta Securities Commission

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TORONTO, ON /ACCESSWIRE/January 28, 2022/ Sparta Group (TSXV:SAY) (the “Company”, the “Company”, “Sparta Group”, “Sparta Capital”, “SAY.V” or “Sparta”) announces that further to its press release dated January 27, 2022 (“Default Announcement”), he received the order from the Alberta Securities Commission after filing an application for a management cease trade (“MCTO”) under National Policy 12- 203.

In the default announcement, Sparta said it had filed an application for an MCTO order with the ASC because the company was unable to file its annual financial statements for the year ended September 30, 2021, including the related MD&A and CEO and CFO analysis and certifications (the “Annual Filings”) in time to meet the January 28, 2022 filing deadline. The delay in filing is related to senior management involved in audit preparation work that contracts COVID over the holiday season. The Company expects to file the annual filings no later than March 1, 2022.

Although the MCTO restricts all trading in the Company’s securities by the Company’s CEO and CFO until the management cease trade is no longer in effect, trading Regular reviews by current and future investors (those outside the Company) continue as usual. The MCTO will be in effect until annual filings are filed.

Until the annual filings are filed, the Company intends to comply with the provisions of the alternative disclosure guidelines set out in National Policy 12-203 – Management Cease Trade Orders.

The Company confirms that, except as disclosed in previous press releases, there have been no significant business developments since the filing of the Company’s last interim financial report.

About Sparta

Sparta Group (aka Sparta Capital Ltd.) is a technology-based company that owns or has a majority stake in a network of independent companies that provide energy-saving technologies designed to reduce energy inefficiencies, reduce emissions and increase operational efficiency in various industries. . In response to the COVID-19 crisis, Sparta has also expanded its reach to help facilitate the supply of needed materials while assisting talented inventors seeking to introduce innovative technical solutions that will bring greater normality to the post-COVID-19 world. Sparta’s network of independent companies offers a wide range of specialist capture, conversion, optimization and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.

Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol “SAY” (TSX.V: SAY). Additional information is available on www.spartagroup.ca or on SEDAR at www.sedar.com.

For more information contact:

John O’Bireck, President and Technical Director
E-mail : [email protected]
Phone: (905) 751-8004

The foregoing may contain “forward-looking information” within the meaning of applicable securities laws. When used in this address, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereof or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors which have been deemed appropriate, that the expectations reflected in such forward-looking information are reasonable, Readers are cautioned not to place undue reliance on forward-looking information as the Company cannot guarantee that it will prove to be accurate. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date such information is made public, and the Company undertakes no obligation to update such forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change. In addition, the Company assumes no obligation to comment on analyses, expectations or statements made by third parties with respect to the Company. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release).

THE SOURCE: Sparta Group

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