STI Education : Request for extension to file SEC Form 17-Q
February 08, 2022 at 06:28 pm EST
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STI Education Systems Holdings, Inc.STI
PSE Disclosure Form 17-4 - Request for Extension to File SEC Form 17-Q References: SRC Rule 17, SEC Memorandum Circular No. 7 Series of 2008 and
Section 17.2 and 17.8 of the Revised Disclosure Rules.
For the period ended
Dec 31, 2021
Deadline of Submission of Quarterly Report
Feb 14, 2022
Reason for requesting extension to submit Quarterly Report
The preparation of the Quarterly Report (SEC Form 17-Q) for Quarter Ended December 31, 2021, has been greatly affected by the following factors:
(1) The declaration of alert level 3 in different parts of the country due to the surge in COVID-19 cases;
(2) The curfew and the limit set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases ("IATF") on the number of employees who can physically go to work;
(3) The inefficiency attributable to work-from-home arrangements during the preparation of interim financial statements since documents still need to be examined and verified; and
(4) The fact that, while most employees have already been vaccinated, some employees were still infected with the COVID-19 virus and other employees who were exposed to these infected employees also had to be placed in quarantine in accordance with IATF rules.
In view of the factors summarized above, the prescribed deadline of February 14, 2022 was not sufficient for the Company to prepare its SEC Form 17-Q for Quarter Ended December 31, 2021.
We would like to request for an additional period of Five (5) days or up to 19 February 2022 to file the Company's SEC Form 17-Q for Quarter Ended December 31, 2021. Since the 5th day following the prescribed due date shall fall on a weekend, the 17-Q for Quarter Ended December 31, 2021 shall be submitted on the next business day.
Other Relevant Information
Please see attached duly accomplished STI Holdings SEC Form 17-L dated 8 February 2022.
The Company undertakes to submit the report within five (5) calendar days after the prescribed deadline or upon submission of the report to the Securities and Exchange Commission, whichever is earlier. The Company understands that failure to comply with the undertaking may result to the imposition of applicable penalty/ies and/or sanction/s.
Filed on behalf by:
Name
Arsenio Cabrera, Jr.
Designation
Corporate Secretary
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STI Education Systems Holdings Inc. published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 23:27:05 UTC.
STI Education Systems Holdings, Inc. is a Philippines-based company. The Company is engaged in investing in, purchasing or otherwise acquiring and owning, holding, using, selling, assigning, transferring, leasing, mortgaging, pledging, exchanging, or otherwise disposing of real properties, as well as personal and movable property of any kind and description, including shares of stock, bonds, debentures, notes, evidence of indebtedness and other securities or obligations of any corporation or corporations, association or associations, domestic or foreign, and possessing and exercising in respect thereof all the rights, powers and privileges of ownership, including all voting powers of any stock owned. The Company operates through five segments: Metro Manila, Northern Luzon, Southern Luzon, Visayas and Mindanao. It focuses on education and education-related activities and investments. The Company has investments in several entities, which own and operate schools.