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AireSurf Networks Holdings Inc.: AireSurf Provides Default Status Update

^{Published on 2009-05-21 13:38:09, Last Modified on 2009-05-21 13:38:53 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - May 21, 2009) - AireSurf Networks Holdings Inc. ("AireSurf" or the "Company") (CNSX:ANH) is providing an update in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). Management of AireSurf is currently subject to a cease trade order in respect of securities of AireSurf issued by the Ontario Securities Commission on May 7, 2009. The management cease trade order resulted from the delay in filing the Company's annual financial statements for the year ended December 31, 2008 which were required to be filed no later than April 30, 2009. The late filing of the required statements is a result of financial issues of the Company.

Based on the work completed to-date, AireSurf now anticipates that the annual financial statements will be filed by June 4, 2009. AireSurf will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the financial statements have been filed.

There has been no material change in the information contained in the notice of default dated May 1, 2009 and filed on SEDAR. Subsequent to the filing of the notice of default, there has not been any further default.

Management of AireSurf will continue to be subject to a cease trade order in respect of the securities of AireSurf until the annual financial statements are filed with regulatory authorities. In the event that the outstanding filings are not filed as soon as they are available or within a reasonable period the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of AireSurf.

AireSurf intends to satisfy the provisions of the Alternative Information Guidelines during the period AireSurf remains in default of the filing requirements.

This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. AireSurf undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements

Shares Outstanding: 50,317,596

The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy of this release.