Delay in Filing 2013 Annual Audited Financial Statements
Vancouver, B.C. / TNW-ACCESSWIRE / April 30, 2014 / Pan American Fertilizer Corp. (TSX.V: PFE, Frankfurt: 6GF) (the "Company" or "Pan American") announces that the Company will be delayed in filing the fiscal 2013 audited financial statements and management's discussion and analysis (collectively, the "2013 Annual Audited Financial Statements") and as a result not meet the filing deadline of April 30, 2014 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
The delay in filing the Disclosure Documents is primarily the result of additional time required by the Company's auditors to complete the 2013 Audited Financial Statements owing to the heightened activity of the Company during the period, including the business combination between Pan American Fertilizer Corp. and Golden Fame Resources Corp. and increased operations in Argentina with additional customers. The Company is working expeditiously with the Company's auditors and making every effort to make the required filings in a timely fashion. The Company expects to complete and file its 2013 Annual Audited Financial Statements before the end of May 2014.
Until Pan American completes the filing of the 2013 Annual Audited Financial Statements, Pan American will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Pan American to issue bi-weekly default status reports by way of a news release so long as the 2013 Annual Audited Financial Statements have not been filed.
The Company is not involved in any insolvency proceedings. There is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Pan American Fertilizer Corp.
Pan American is a Canadian company dedicated to providing fertilizer to growing global markets specifically in South and Central America. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum") currently in Argentina. To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets and by expanding its markets to countries neighbouring Argentina.
The Calcium Sulphate project is a unique project, for the following reasons:
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1)Its high grade calcium sulphate (CaSO4) rock outcrops and is fully permitted and in operations via conventional extraction methods with secured mining rights for 20 years with right to extend for another 20 years, allowing for scalable operations;
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2)It is strategically located in close proximity to the well-known "Nucleus Agricultural Zones" of South America where the majority of the continents important and dynamic agribusiness activity is located;
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3)It connects to Paraguay and Brazil's largest fertilizer distribution districts via existing and high quality infrastructure;
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4)It has the potential to supply CaSO4 to South America's agriculture market from its large calcium sulphate-rich deposit.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulphate mineral composed of calcium sulphate dihydrate (CaSO4o2H2O) which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium Sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields. For more information please look at our website www.PAFertilzer.com
On behalf of the Board of Directors of Pan American Fertilizer Corp.
"Randy Wright"
Randy Wright
Vice-Chairman and Chief Executive Officer
Forward Looking Statements
Certain statements contained in this release constitute "forward-looking statements". These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking statements relating to the 2013 Annual Audited Financial Statements and the filing of the 2013 Annual Audited Financial Statements. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those assumptions and factors are based on information currently available to the Corporation. The material factors and assumptions with respect to the commencement of the audit of the 2013 Annual Financial Statements and the completion and filing of the 2013 Annual Audited Financial Statements include: the availability of funds to complete and file the financial statements by the end of June, 2014 and the auditors not encountering anything out of the ordinary that would cause the auditors not to be able to complete the audit as anticipated. Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking statements include, among other things: general economic and business conditions, and political, social and other risks inherent in carrying on business in a foreign jurisdiction. Forward-looking statements contained in this release are made based on Management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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