Saskatoon StarPhoenix

IRD unable to file statements


Internatio­nal Road Dyamics Inc. is still unable to file its financial statements for 2008 and will also delay submitting its results for the first quarter of 2009, the company said Wednesday.

IRD said on April 1 it expected to file the 2008 statements by Wednesday, but now plans to do so by April 27. The first-quarter results are expected on May 8.

Trading of IRD shares on the Toronto Stock Exchange was halted in early March after the company failed to file its financial statements and management discussion and analysis for its year ending Nov. 30. A cease-trade order was placed by the Saskatchew­an Financial Services Commission when IRD did not file by the Feb. 28 deadline.

The issue for IRD has been errors in quarterly results submitted by its subsidiary in China. The errors were discovered within two weeks of the filing deadline, too late to notify the commission of filing delays.

IRD has pushed back the filing date twice. After the errors were discovered, the company originally hoped to file results in late March.

IRD is a highway traffic management company based in Saskatoon.

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