Sparta Provides Status Report on Delay in Filing Annual Financial Statements

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TORONTO, ON / ACCESSWIRE / January 27, 2022 / Sparta Group (TSX.V:SAY) (the “Corporation” the “Company”, “Sparta Group”, “Sparta Capital”, “SAY.V” or “Sparta”) is announcing that further to its January 26, 2022 news release (the “Default Announcement”) it has completed the filing of an application seeking a Management Cease Trade Order (the “MCTO”) under National Policy 12-203, from the Alberta Securities Commission (“ASC”).

In the Default Announcement, Sparta reported that it was preparing an application seeking an order for an MCTO from the ASC because the Company was unable to file its annual financial statements for the year ending September 30, 2021 (“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 contracting COVID-19 during the holiday season. The Company has agreed to file the Annual Filings on or before March 1, 2022.

While the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors outside the Company, continues as normal. The MCTO will be in effect until the Annual Filings are filed.

Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203 – Management Cease Trade Orders.

The Company confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the Company’s latest interim financial report and while the delay in filing is largely due to COVID-19, the Company continues to operate as usual and generate revenue.

About Sparta

Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta’s network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, 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 at www.spartagroup.ca or on SEDAR at www.sedar.com.

For more information contact:

John O’Bireck, President & CTO
Email : jobireck@spartagroup.ca
Telephone : (905) 751-8004

This above may contain “forward-looking information” within the meaning of applicable securities laws. When used in this address, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither 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).

SOURCE: Sparta Group

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