On May 6, 2014, Sonomax Technologies Inc. announced the reasons for late filing of annual financial report for the fiscal year ended December 31, 2013. The filing of its audited financial statements for the fiscal year ended December 31, 2013 and the related management's discussion and analysis (collectively, the 2013 annual financial statements) would not be completed by the legal deadline of April 30, 2014. As a result of the delay in filing the 2013 annual financial statements, company's principal regulator, the Autorité des marchés financiers, granted a management cease-trade order (MCTO) to the company.

The MCTO restricts all trading in securities of the company, whether direct or indirect, by company's six directors and senior officers until such time as the 2013 annual financial statements are filed by the company. The MCTO does not affect the ability of other shareholders of the company to trade their securities. As previously reported, company's failure to file the 2013 annual financial statements by the prescribed deadline is due to the company making the necessary arrangements to complete its 2013 annual audit.

In particular, in light of its difficult financial situation, company must make satisfactory arrangements to pay its auditors.