MONTREAL, QUEBEC–(EMWNews – Aug. 13, 2008) – Saratoga Electronic Solutions Inc. (“Saratoga”) (TSX VENTURE:SAR) announced today that, as required by applicable securities legislation, it has filed with the securities regulatory authorities a Default Status Report concerning the filing of its annual audited financial statements for the year ended March 31, 2008 (the “Annual Financial Statements”) and the related management discussion and analysis (the “MD&A”) originally due to be filed on July 29, 2008. As originally announced by Saratoga on July 30, 2008, Saratoga still expects to file the Annual Financial Statements and the MD&A by no later than August 31, 2008.
Under the Default Status Report, Saratoga reported that there have been no material changes in the information contained in the Notice of Default filed by Saratoga with the securities regulatory authorities on July 30, 2008.
Effective July 30, 2008, the Autorite des marches financiers (Quebec), under CSA Staff Notice 57-301 – Failing to File Financial Statements on Time – Management Cease Trade Orders, issued a Management Cease Trade Order that temporarily prohibits trading by directors, officers and certain employees of Saratoga in the securities of Saratoga.
ABOUT SARATOGA ELECTRONIC SOLUTIONS INC.
Saratoga is in the business of placing and operating automatic teller machines. In addition, Saratoga has recently developed an infrastructure to support the international electronic remittance of funds designed to enable persons residing in Canada to electronically transfer funds to persons residing overseas. The initial launch of this service by Saratoga has been focused on the needs of the Canadian Filipino community to send funds to the Philippines in an economical and secure manner.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements concerning our future operations, economic performance and financial condition. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us and our subsidiaries or their businesses or operations. We undertake no obligation and do not intend to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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