TORONTO, ONTARIO--(Marketwire - Nov. 12, 2008) - MTI Global Inc. (TSX:MTI) today announced that the dissemination and filing of its financial statements for the third quarter ended September 30, 2008 and related management's discussion and analysis ("MD&A") will be delayed.
The delay is the result of the Company failing its Step One Goodwill and Intangible Asset Test. Consequently, the Company is proceeding to complete a Step Two Valuation. The Company continues to work diligently with its auditors to resolve this issue. As soon as the Company has greater clarity on the completion of the valuation, it will provide further disclosure related to the timing of the dissemination and filing of the third quarter financial statements and related MD&A, as well as details for the quarterly conference call discussion of results.
As a result of this delay, the Company intends to request that the Ontario Securities Commission and other applicable Canadian securities regulators issue a temporary management cease-trade order prohibiting specified directors, officers and other insiders of the Company from trading in securities of the Company until the third quarter financial statements and MD&A are publicly released and filed. The issuance of such a cease-trade order generally does not affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities. Pending the filing of the third quarter financial statements and related MD&A, the Company will comply with the alternative information guidelines of the Canadian Securities Administrators.
About MTI Global Inc.:
MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI also produces and distributes specialty silicone elastomer products. MTI's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France. MTI's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond and Buchanan, Virginia; Pensacola, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil. The Company's website is www.mtiglobalinc.com.
The foregoing press release contains forward-looking statements and is subject to important risks and uncertainties. Although MTI Global believes that the expectations reflected in any forward-looking statements are reasonable, the results or events predicted in these statements may differ materially from actual results or events. Forward looking statements are based on estimates and assumptions derived from past experience, historical trends, current conditions and expected future developments. Many factors could cause results or events to differ from current expectations, including the impact of price and product competition, general industry and market conditions and growth rates and reliance on key customers. For additional information with respect to these and other factors, see the reports filed by MTI Global Inc. with the applicable securities regulatory authorities at www.sedar.com. MTI Global Inc. disclaims any intention or obligation to update or revise any forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
MTI Global Inc.
Bill Neill
President and Chief Executive Officer
(905) 564-9700
Email: mti@magnifoam.com
Website: www.mtiglobalinc.com
Fleishman-Hillard Canada
Anne Lachance
Investor Relations
(416) 214-0701
