ST. JOHN'S, Dec. 22 /CNW/ - Rutter Inc. (TSX: RUT) ("Rutter") is
providing this bi-weekly update in accordance with National Policy 12-203,
Cease Trade Orders For Continuous Disclosure Defaults ("NP- 12-203"), and will
do so regularly until such time as the filing of its audited annual financial
statements for the year ended August 31, 2008 ("Financial Statements"), the
management's discussion and analysis related to the Financial Statements, the
Annual Information Form and the related certifications (collectively,
"Required Filings") are up to date.
The press release issued by Rutter on December 8, 2008 confirmed that the
reason for the November 24, 2008 announcement ("Default Announcement")
regarding the delay in filing the Required Filings was due to the lack of
final agreement on a potential restructuring of the debt with Rutter's
principal lender. Discussions with the lender continue to progress well and
the Company now expects to reach a resolution early in the New Year, a slight
delay from the previously announced date of December 31, 2008. The required
filings will be made after completion of discussions with the lender.
The Chief Executive Officer of Rutter ("CEO") and the Chief Financial
Officer of Rutter ("CFO") are currently subject to a management cease trade
order ("MCTO"). A temporary MCTO was issued by the Ontario Securities
Commission ("OSC") on December 2, 2008 after it became apparent that Rutter
would be delayed in filing the Required Filings. A permanent MCTO was issued
on December 16, 2008. The permanent MCTO provides that all trading in and all
acquisitions of the securities of Rutter, whether direct or indirect, by the
CEO and the CFO must cease until the earlier of two full business days
following receipt by the OSC of the Required Filings, or a further order of
the OSC. A copy of the permanent MCTO is available on Rutter's website at
www.rutter.ca.
In accordance with NP 12-203, Rutter confirms that, except as described
herein: (i) there is no material change to the information contained in the
Default Announcement; (ii) there has been no failure by Rutter to fulfill its
stated intentions with respect to satisfying the provisions of the alternative
information guidelines set out in NP 12-203; (iii) there is not actual or
anticipated specified default subsequent to that disclosed in the Default
Announcement; and (iv) there is no other material information concerning the
affairs of Rutter that has not been generally disclosed.
About Rutter Inc. - Rutter is a global enterprise focused on providing
innovative technologies and engineering solutions that improve the efficiency
and safety of operating assets in defense, marine, transportation, oil and gas
and other industrial sectors. Key activities of the enterprise include
technology development and marketing, outsource manufacturing of electronics
and electronic subassemblies and automation and control systems engineering.
For more information see www.rutter.ca
Forward-Looking Statements
This news release may contain forward-looking statements that involve
risks and uncertainties. These forward-looking statements reflect our current
expectations and are subject to a number of risks and uncertainties including,
but not limited to, change in technology and general market conditions. Due to
the many risks and uncertainties, Rutter Inc. cannot assure that
forward-looking statements that may be contained in this news release will be
realized.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
%SEDAR: 00022015E
