Published:
Toxin Alert Notice of Default Update
Toxin Alert Inc. (TSX VENTURE: TOX) (the "Company") was unable to file its audited financial statements and other material for the fiscal year ended June 30, 2008 by the statutory deadline of October 29, 2008 and a Management Cease Trade Order was issued by the relevant securities authorities on October 29, 2008. This Default Status Report is issued pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
Toxin Alert Inc. together with its auditors is currently working on completing the audit of the financial statements for the year ended June 30, 2008. Barring any scheduling difficulties, Toxin Alert expects that it will be able to file these statements before the deadline of January 15, 2009 required by the OSC. As previously announced, the Company has experienced cash flow difficulties due to the non-payment of the Company's invoice to a university in Mississippi for a contract that was fulfilled in March, 2008.
The Company intends to continue to satisfy the provisions of the Alternative Information Guidelines by issuing bi-weekly Default Status Reports in the form of news releases, so long as it remains in default.
The Company is not in any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.
There are no other changes otherwise required to be disclosed pursuant to Section 4.4 of NP 12-203.
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