Peace Arch Entertainment on Monday said it is in technical default because it has delayed filing its 2007 results by one week. The Toronto company said it was to have filed its latest year-end results with the Ontario Securities Commission by Nov. 29, but would now do so on Thursday.

The delay in filing comes as former company CEO Gary Howsam was formally arraigned on Monday in Los Angeles federal court, where he entered a plea of not guilty.

A federal grand jury last month indicted Howsam on seven counts of fraud that stem from financial dealings with the Comerica Bank of California in 1999 and 2000. He has since resigned and been replaced as CEO on an interim basis by company shareholder Jeff Sagansky.

Howsam next faces a status conference on his criminal case, set for Jan. 14.

In a statement, Sagansky said recent management changes led the company’s board of directors to encourage ‘the auditors to take the additional time on the audit that has been required.’

John Flock, Peace Arch president and COO, told Playback Daily that the financial statements will be released this Thursday, followed by a conference call on Friday with financial analysts to discuss the prodco’s latest results.

That call, to be led by Flock and Sagansky, will mark Peace Arch’s first public pronouncements since Howsam was arrested by FBI investigators on Nov. 5 while attending the American Film Market in Los Angeles.