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BURLINGTON, ON, August 11, 2008 EnGlobe Corp. ("EnGlobe" or the "Company") (TSX: EG), announced that, as a result of increased time required to complete its interim unaudited financial statements and management discussion and analysis for the quarter ended for June 30, 2008 (the "Statements"), that there will be a delay of the filing of the Statements as required by National Instrument 51-102 Continuous Disclosure Obligations.
In accordance with applicable securities legislation, EnGlobe will notify the Canadian securities authorities of the late filing of the Statements. Due to the late filing, EnGlobe's securities may become subject to a general issuer cease trade order issued by the applicable securities regulators. The Company will, however, make an application to the applicable securities regulatory authority requesting a management cease trade order (the “Management Cease Trade Order”) in respect of the late filing of the Statements. If granted, the Management Cease Trade Order would affect only the directors, officers and insiders of the Company and would not affect the ability of persons who are not officers, directors or insiders of the Company to trade the securities of the Company.
The Company is delayed in finalizing the Statements primarily because of non-cash accounting issues that arose late in the second quarter and Management and the Company’s auditors require additional time to finalize the Statements.. Management expects to file the Statements as soon as practicable after the completion of the required work and in any event no later than October 15, 2008, which is the date that is two months after the original filing deadline for the Statements. EnGlobe will announce any changes in this timeline as preparation of the Statements progresses. The securities regulators may impose an issuer cease trade order if the Statements are not filed by October 15, 2008.
Management wishes to confirm to its shareholders and other interested parties that the Company is not subject to any insolvency proceeding, there are no issues with regards to finalizing the filing of the Statements and there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company fully expects to file the Statements prior to the respective deadlines for the filing. Furthermore, the Company confirms that it intends to satisfy the requirements to provide Default Status Reports so long as it remains in default of its requirements to file the Statements.
EnGlobe Corp.
EnGlobe Corp. is a leading international integrated environmental services company specializing in the management of organic-based waste streams and contaminated soils, with an emphasis on beneficial reuse. EnGlobe offers cost-effective solutions to municipal, commercial and industrial clients in Canada, the northern United States, England and France through its subsidiaries: Biogénie S.R.D.C. Inc. and Celtic Technologies Ltd. for site assessment and remediation, GSI Environment Inc. for organic waste management, and Tanknology Canada Inc. for tank testing and calibration.
EnGlobe shares are listed on the Toronto Stock Exchange under the ticker symbol EG. Additional information is available at www.englobecorp.com.
For further information, contact:
Investors:
André Héroux
President and Chief Executive Officer
EnGlobe Corp.
450-929-4949 x 261
Media:
Lynne Lagacé
Director, Communications and Marketing
EnGlobe Corp.
450-929-4949 x 255
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