TORONTO, ONTARIO--(Marketwire - December 23, 2008) - Toxin Alert Inc. (TSX VENTURE: TOX) (the "Company") was unable to file its audited financial statements and other material for the fiscal year ended June 30, 2008 by the statutory deadline of October 29, 2008 and a Management Cease Trade Order was issued by the relevant securities authorities on October 29, 2008. This Default Status Report is issued pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
The Company announced that it closed the first tranche of its current private placement offering on December 17, 2008 which raised sufficient funds to deliver the audit for 2008. Work on the audit has now commenced. As previously announced, the Company has experienced cash flow difficulties due to the non-payment of the Company's invoice to a university in Mississippi for a contract that was fulfilled in March, 2008.
The Company intends to continue to satisfy the provisions of the Alternative Information Guidelines by issuing bi-weekly Default Status Reports in the form of news releases, so long as it remains in default.
The Company is not in any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.
There are no other changes otherwise required to be disclosed pursuant to Section 4.4 of NP 12-203.