EDMONTON, AB — (Marketwired) — 07/25/13 — (PINKSHEETS: GRNO), a Florida corporation, received a Cease and Desist Order by the Alberta Securities Commission due to the Company–s failure to comply with the provisions of National Instrument 51-102 Continuous Disclosure Obligations which was filed on July 16, 2013. National Instrument 51-102 requires, among other things, that financial statements be made publicly available for OTC reporting issuers.
The Company has been unable to comply with both the National Instrument 51-102 reporting requirements, as well as the reporting requirements of the Exchange Act due to the Company–s inability to get its financial audits completed. And although the Company–s financial documents have been in the hands of the auditor since January 2011, there seem to be many obstacles to hurdle left over by the previous management; the biggest obstacle to getting these financial statements audited and filed is the Company–s inability to provide information as to when and how shares of the Company were issued between the years 1997 and 2009.
When present day management took over the company, the last public filing was made on October 7, 1997 for the period ending June 30, 1997 and showed a total of 6,465,134 issued and outstanding shares. When the shareholder list was finally released by the then Transfer Agent, and which was dated June 2, 2009, the list showed 25,062,742 issued and outstanding shares; resulting in a discrepancy of 18,597,608 issued and outstanding shares between the last publicly filed financial statements and the actual issued and outstanding shares. All of the shareholders on the list of June 2, 2009, were issued certificates of free trading shares and assumedly are in possession of those shares. Accordingly, it appears that during the years between the last filing in 1997, and June 2, 2009, there were 18,597,608 shares of GRNO issued.
However, the Company today does not know how or when these shares were issued and therefore, the discrepancy has created difficulty in reconciling the books of GRNO; because of this discrepancy in the share issuance the completion of the audit has been delayed.
With help from various shareholders on the shareholder list and with help from people who were involved with the Company at some point, we have eliminated much of the discrepancy. However, to date, we still have a discrepancy and ask all shareholders whom received shares prior to 2009 to send us a copy of their issued certificates with an explanation of how they obtained them (purchase, exchange, debt conversion, etc.) so that we can reconcile our books and get our audit completed and filed. If sending a copy of the certificate is not feasible, an email with your name, certificate number, date certificate was issued, and how you obtained your shares would be sufficient.
Please forward whatever information available to to assist us in completing the audit and moving forward with the Company.
Statements about the Company–s future expectations and all other statements in this press release other than historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby.
Contact:
Investor Relations
Taylor Capitol, Inc.
Stephen Taylor
(973) 351-3868