Hollywood, December 12, 2014 (OTC Disclosure & News Service) - Sycamore Entertainment Group, Inc. (OTC Pink:SEGI), a leading innovator in hybrid film distribution, is pleased to announce we are nearing the completion of the comprehensive audit.
On June 19th, 2014 the British Columbia Security and Exchange Commission (BCSC) placed a Cease Trade Order on Sycamore – SEGI stock in Canada only. The BCSC had determined that under MI 51-105 and 51-509, Sycamore Entertainment Group Inc. is a company trading on the OTC in the US and the CEO of the company is a resident of British-Columbia. As a result, Sycamore falls under BCSC jurisdiction and needed to file as an OTC reporting issuer under the Securities Act, R.S.B.C. 1996,c. 418 (the Act). We continue to trade in US as a fully compliant Pink Sheet issuer.
At that time, we were informed by the Commission that a comprehensive audit of the financials, controls, banking, issuances and all operational and safety methods for the years 2011, 2012, 2013 were required to lift the order. We addressed this challenge by engaging a team of accountants and consultants as well as the highly respected auditing firm M&K CPAS, PLLC whom are qualified to handle both US and Canadian audit requirements.
I under estimated the amount of time it would take to complete these daunting tasks. It is filled with difficulties and unexpected challenges that our team is facing head on. The perception of Pink sheet companies in Canada comes with negative speculation regarding the company's activities. Few Micro-Cap companies are willing to subject themselves to the rigors and scrutiny of a full audit, as we are doing.
We are very pleased to announce that the auditors have all the necessary documentation to complete the comprehensive audit and all open items have been addressed. We expect by year end that we will commence the upload of the financials to SEDAR, along with all disclosures and footnotes beginning with the fiscal year 2011. We expect to complete the upload of all required years before to the end of January 2015. This will put Sycamore in compliance with both US and Canadian regulations and will be the first time since 2009 that Sycamore will have audited financials. With this audit complete, we fully expect the BCSC to lift the cease trade order in Canada.
As we approach our goal, we would like to thank all our supporters for your patience and understanding. Our Canadian supporters, whom had to exist without any specified details about the gargantuan task at hand, have been patient and encouraging. We owe them our thanks and gratitude as we look forward to our future projects.
The time during the audit process has presented numerous opportunities for Sycamore. Battle of the Strands reality T.V. series; has exceeded expectations by doubling the Nielsen ratings on the Discovery Channels, Beauty and Health Network. The show is receiving interest from several international buyers and sponsors for future shows. We are rounding out our Television slate as we are in discussion with another high profile reality series. We look forward to continued success in our TV divisions.
We are pleased to report that Mantivities starring Chris Pine, has completed its financing, concluded pre-production and is ready to begin filming in the New Year. We are finalizing our agreement for North American distribution rights.
We would like to thank you for your continued encouragement and look forward to an active and exciting new year.
Sycamore Entertainment is a diversified entertainment company that specializes in the acquisition, marketing and worldwide distribution of quality finished feature-length motion pictures. Sycamore's management team utilizes its long standing relationships to provide market specific publicity, promotion, media buying, theatrical placement and Print & Advertising financing for theatrical domestic release.
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Sycamore Entertainment Group Inc.
5555 Melrose Avenue Hollywood, CA 90038
Craig Fischer S.T.A.T Group
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