TVI
PACIFIC CONFIRMS CEASE TRADING ORDER BY THE ALBERTA SECURITIES COMMISSION
TVI Pacific Inc.
(TSX: "TVI" or the "Company") today confirmed that
the Alberta Securities Commission (the "ASC") has issued a
cease trading order halting trading of the Company's securities. The ASC
issued the cease trading order because the Company was unable to comply
with the conditions set forth in the management cease trade order issued
by the ASC in August 2007, specifically the requirements to file restated
consolidated financial statements for the years ended December 31, 2005
and 2006 and for the period ended March 31, 2007, as well as the
consolidated financial statements for the period ended June 30, 2007.
Following the
Company's announcement in August 2007 that it was voluntarily planning to
restate its consolidated financial statements for the applicable periods,
the Company has worked diligently under the guidance of its board of
directors and through consultation with its independent auditors in an
effort to file the restated financial statements on or before the October
15, 2007 deadline. After careful review, the Company has determined that
non-cash errors were made in its consolidation working papers and foreign
currency translation calculations during the periods to be restated.
As a result of its
findings, the Company elected to strengthen its internal controls over
the financial reporting processes related to these errors and reperformed
the consolidations and other calculations for each of the affected
periods using the redesigned internal controls and processes. This
decision was made to provide greater confidence that the restatements
were done correctly.
"We believe that
our decision to reperform the consolidations was appropriate, however we
underestimated the time and resources that would be required," said
Cliff James, TVI's President and CEO. "By the time we are done, we
will have restated our financial results for the year 2005 and six
subsequent quarterly periods, which is no small undertaking for a company
of our size."
The restated
consolidated financial statements for the years ended December 31, 2005
and 2006 are now being audited and the Company is currently preparing
financial statements for the quarters ended March 31, 2007 and June 30,
2007, together with comparative periods for 2006, which must be reviewed
by the independent auditors.
About TVI Pacific
Inc.
TVI Pacific Inc. is a
publicly traded Canadian mining company focused on exploring for and
producing precious and base metals in the Philippines and other Asian
countries.
The outstanding
common shares of TVI Pacific Inc. trade on the Toronto Stock Exchange
under the symbol "TVI".
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For further
Information on this News Release please contact:
Clifford M. James, President and CEO
Paul
Moon, Director, Corporate Communications (403) 265-4356
The Toronto
Stock Exchange has neither approved nor disapproved of the information
contained herein.
2000, 736 - 6
Avenue S.W. Calgary, Alberta T2P 3T7
Tel: (403)
265-4356 Fax: (403) 264-7028
Website:
http://www.tvipacific.com E-mail:
tvi-info@tvipacific.com
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