Sparta Provides Update on Status of Management Cease Trade Order by Alberta Securities Commission

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TORONTO, ON/ACCESSWIRE/February 11, 2022/ Sparta Group (TSXV:SAY) (the “Company”, the “Company”, “Sparta Group”, “Sparta Capital”, “SAY.V” or “Sparta”) announces that further to its press release dated January 28, 2022 (“Default Acceptance”), it is on track to meet the new March 1 filing deadlinest 2022.

In the original “Default Announcement” dated January 27, 2022, Sparta indicated that it filed for an MCTO order with the Alberta Securities Commission (ASC) because the company was unable to file its annual financial statements for the year ended. September 30, 2021, including the MD&A and CEO and CFO certifications (the “Annual Filings”) in time to meet the January 28, 2022 filing deadline. January 28and2022, the request was accepted by the CSA.

The delay in filing is related to senior management involved in audit preparation work contracting COVID during the holiday season. The MCTO restricts all trading in Company securities by the Company’s CEO and CFO until the management cease trade order is no longer in effect; however, regular trading by current and future investors (those outside the Company) continues as normal. The MCTO will be in effect until annual filings are filed.

“We had no major outbreaks of COVID-19 in any of our divisions before Christmas and we are proud of the technology we have developed to help protect staff, but then the holiday break happened and we had no control over personal settings. At the same time, there was a surge of the Omicron variant, which many of our managers couldn’t escape out of the office. We took additional measures, including asking senior management to self-isolate, at least until financial reporting work is complete. This means that meeting the new filing deadline should not be an issue,” said Sparta chairman John O’Bireck.

Until the annual filings are filed, the Company intends to continue to follow the provisions of the Alternative Disclosure Guidelines set out in National Policy 12-203 – Management Cease Trade Orders .

The Company confirms that, except as disclosed in previous press releases, there have been no significant business developments since the filing of the Company’s last interim financial report.

About Sparta

Sparta Group (aka Sparta Capital Ltd.) is a technology-based company that owns or has a majority stake in a network of independent companies that provide energy-saving technologies designed to reduce energy inefficiencies, reduce emissions and increase operational efficiency in various industries. . In response to the COVID-19 crisis, Sparta has also expanded its reach to help facilitate the supply of needed materials while assisting talented inventors seeking to introduce innovative technical solutions that will bring greater normality to the post-COVID-19 world. Sparta’s network of independent companies offers a wide range of specialist capture, conversion, optimization and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.

Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol “SAY” (TSXV: SAY). Additional information is available on or on SEDAR at

For more information contact:

John O’Bireck, President and Technical Director
Email: [email protected]
Phone: (905) 751-8004

The foregoing may contain “forward-looking information” within the meaning of applicable securities laws. When used in this address, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereof or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors which have been deemed appropriate, that the expectations reflected in such forward-looking information are reasonable, Readers are cautioned not to place undue reliance on forward-looking information, as the Company cannot guarantee that it will prove to be accurate. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date such information is made public, and the Company undertakes no obligation to update such forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change. In addition, the Company assumes no obligation to comment on analyses, expectations or statements made by third parties with respect to the Company. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release).

THE SOURCE: Sparta Group

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