Vancouver, British Columbia--(Newsfile Corp. - October 13, 2018) - China Keli Electric Company Ltd. (TSXV: ZKL) (the "Company"), announces today a third update on the status of the filing of its annual financial statements, management's discussion and analysis, and the related officer certifications for the financial year ended April 30, 2018 (collectively, the "Annual Filings"). Due to the location of the Company's business operations in China, the change in the Company's auditors from Kreston GTA LLP to K.R. Margetson Ltd. in July of this year, and the pending sale of Creative Grace Limited ("Creative Grace"), the Company's audit remains ongoing at this time. The Company is finalizing its audit and hopes to file the Annual Filings as soon as possible.
In addition, the Company is also preparing and finalizing its financial statements for the first quarter ended July 31, 2018, the management's discussion and analysis thereto, and the related officer certifications (collectively, the "Q1 Filings"). The Company expects to file the Q1 filings concurrently with or shortly after the Annual Filings.
Pending the filing of the Annual Filings and the Q1 Filings, a management cease trade order has been issued by the British Columbia Securities Commission. The Company intends to follow the provisions of the Alternative Information Guidelines as set out in National Policy 12-203 - Management Cease Trade Orders, for as long as the Company remains in default, including the issuance of further by-weekly default status reports, each of which will be issued in the form of a press release. A general cease trade order may be issued as a result of the Company's default status.
Finally, the Company announces that it has received the $120,000 purchase price for the sale of Creative Grace from the purchaser, which purchase price is currently being held in escrow pending closing. Final closing documentation are being finalized, and the Company intends to complete the sale of Creative Grace as soon as practicable.
About China Keli Electric Company Ltd.
China Keli Electric Company Ltd. specializes in the manufacturing and installation of electrical components and equipment, including pre-assembled mini substations, electrical controllers, pressurized and vacuumed switchgears and circuit breakers.
For further information, please contact:
CHINA KELI ELECTRIC COMPANY LTD.
Philip Lo, Chief Financial Officer
Tel. No.: (86) 13632 173732
For further company information please access our website: www.zkl.cc
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