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Knightscove Media Corp. Delays Filing of Audited Year End Financial Statements(April 30, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 04/30/12 -- Knightscove Media Corp. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) ("Knightscove") is announcing that it will be late in filing its audited annual financial statements for the fiscal year ended December 31, 2011, the related Management's Discussion & Analysis, and the CEO and Corporate Controller certification of filings (collectively, the "2011 Filings").
The delay is caused by a couple of key factors. First, Knightscove has had a change of auditors from Grant Thornton LLP. It was mutually agreed that this was in the best interest of Knightscove and not as a result of any "Reportable Events", as defined under National Instrument 51-102 Continuous Disclosure Obligations. The new auditors, DNTW Chartered Accountants LLP, were appointed on March 31, 2012.
The second key factor resulting in the delay is the IFRS testing required in evaluating the acquisition of the Ellis Entertainment assets which occurred in January 2011 and the winding down of the Knightscove @ Home DVD manufacturing operation at the end of 2011.
It is expected that the audit will be completed within two weeks and the 2011 Filings will be filed on or about May 11, 2012.
Knightscove intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of its filing obligations described above.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Knightscove Media Corp.
President and CEO
(416) 444-7900 x222
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