Sparta Updates Delay in Filing Annual Financial Statements

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TORONTO, ON / ACCESSWIRE / April 9, 2024 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has confirmed that it has experienced a further delay with filing its annual financial statements for the year ended September 30, 2023, but will file on or before April 29, 2024. This is an update to its February 8, 2024, news release ("Default Announcement"), indicating an order from the Alberta Securities Commission ("ASC") for a Management Cease Trade Order (the "MCTO") under National Policy 12-203, Management Cease Trade Orders.

The company announced in the Default Announcement, that the order for a MCTO from the ASC was required because the Company was unable to file its annual financial statements for the year ended September 30, 2023, including the related management's discussion and analysis (MD&A) and certifications from the CEO and CFO (the "Annual Filings") in time to meet the January 29, 2024, filing deadline. The initial delay in filing the Annual Filings was primarily related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team. Mr. O'Bireck was responsible for all the operations of the Issuer, including liaising with the auditor. A further extension was required to allow the auditor to complete a final review before the Annual Filings are submitted. The auditors are about to perform their quality control review, which will run concurrently with the audit committee board review and communication. To accommodate the process, the filing date of the Annual Filings has been extended to on or before April 29, 2024.

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securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors continues as normal. The MCTO will be in effect until two full business days following the receipt of the principal regulator that all filings the issuer was required to make have been filed.

Sparta management and staff continue to move forward with broadening the customer base in the Company's Environment division, specifically within the electronic waste recycling operations, as well as working on its TruckSuite™ operations and ARHealth, which leverages AI and AR in healthcare.

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.

About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as a separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Group is divided into three operational business segments, each accountable for its day-to-day operations and performance. Those segments are, Environment, Energy, and Innovation.

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:
Tony Peticca, President
Email : tony@spartagroup.ca
Telephone : 416-648-6506

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