NEWS & INFO
News » RTM Status Update Mon May 31 2:45:20 UTC 2010
Real Time Measurements Inc. (RTM, RTY on TSX.V, the “Company”) discloses the following information: On February 12, 2010, the Alberta Securities Commission (ASC) revoked the Cease Trade Order that was imposed on the Company by the ASC on August 10 2009 for late filing of annual audited financial statements. The Company is still a listed issuer on the TSX Venture Exchange (TSX.V), however the Company’s shares will not be trading on the TSX.V until such time as the Company has met all the requirements of the TSX.V as set out in the TSX.V Corporate Finance Manual. Management is endeavoring to meet said requirements.
On May 31 2010 the Company is due to file its annual audited financial statements for the preceding fiscal year which is the 12 month period ended January 31 2010. The statements will not be prepared on time due to financial constraints. Management therefore expects the ASC will impose a CTO on the Company on or about May 31 2010. Management will endeavor to get the annual audited statements prepared as soon as possible and apply to the ASC to have the CTO lifted as soon as possible.
Further to the April 20 2009 Press Release issued by the Company regarding a bid won by the Company to supply C$2.3M worth of downhole electronic instrumentation to a major oil producer in the Middle East. Despite the April 20 2009 estimate that the awardness process should have been completed within 90 days of the April 20 2009 Press Release, 13 months later, as of today, the final details of the contract have not been worked out. The contract awardness process is still proceeding. However given management’s obvious inability to accurately predict when the contract will be finalized, and with the understanding that the contract is not finalized, and that there is no guarantee that it will ever be finalized, management is committed to doing whatever is required to finalize and complete the contract when the time comes. Once the awardness process is complete, the Company will require financing in order to complete the order. Presently there is no assurance that the Company will be able to get the financing on terms that are acceptable. Please also note that the actual value of the contract is US$1.9, which on April 20 2009 represented the C$2.3M announced value, however the current USD/CAD exchange rate means the contract is worth roughly C$1.9 as of today’s date.
Real Time Measurements is a Canadian oil and gas technology development company that designs, builds and sells equipment and provides services to oil and gas companies in various parts of the world. The company uses innovative applications of recent technological developments to solve selected oil and gas upstream measurement problems in more efficient ways. The Company’s primary business activity revolves around the commercial development of premium quality sensors and data gathering systems which are used primarily in oil and gas wells.
For further information please contact
President, CEO, Director
Real Time Measurements Inc.
4500 50th Avenue SE Calgary AB T2P 3R4
The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.
Certain statements included in this news release constitute “forward-looking information” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward- looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. However, we disclaim any intention and assume no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release represents the expectations of RTM at May 31 2010, and, accordingly, is subject to change after such date. However, RTM expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.