NEW YORK, March 30, 2016 /PRNewswire/ -- MFC Bancorp Ltd.
("MFC" or the "Company") (NYSE: MFCB) announced today that as a
result of a customer of the Company filing for insolvency in
February 2016, which is an adjusting
subsequent event under IFRS, the Company is currently evaluating
its net exposure relating to such customer after giving effect to
related security interests, risk mitigation security and other
rights and remedies held by the Company, and, therefore, the
Company has not filed its financial statements and accompanying
management discussion and analysis (the "Annual Filings") for the
year ended December 31, 2015 today,
being the date that such filings are due under applicable Canadian
securities requirements.
The Company currently expects to file the Annual Filings, and
its Annual Report on Form 20-F for the year ended December 31, 2015 on or before April 6, 2016 and will issue a news release
announcing completion of such filings at such time.
About MFC
MFC is a finance and supply chain company, which facilitates the
working capital and other requirements of our customers and
suppliers. Our business activities involve customized
structured financial solutions and are supported by captive sources
and products secured by third parties. We do business in
multiple geographies and specialize in a wide range of industrial
products such as metals, minerals, electricity/power, steel
products, ferro-alloys, chemicals and wood products.
Disclaimer for
Forward‐Looking Information
This news release contains statements which are, or may be
deemed to be, "forward‐looking statements" which are
prospective in nature, including, without limitation, statements
regarding the expected filing date of the Annual Filings.
Forward‐looking statements are not based on
historical facts, but rather on current expectations and
projections about future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward‐looking statements. Often, but not always,
forward‐looking statements can be identified by the
use of forward‐looking words such as "plans",
"expects" or "does not expect", "is expected", "scheduled",
"estimates", "forecasts", "projects", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "should", "would", "might" or "will" be taken,
occur or be achieved. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Such forward‐looking statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, revenues, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the
forward‐looking statements. Important factors that
could cause our actual results, revenues, performance or
achievements to differ materially from our expectations include,
among other things, the timing of, and completion, of necessary
accounting and audit procedures to complete the Annual Filings and
other factors beyond our control. Such forward-looking statements
should therefore be construed in light of such factors. Other than
in accordance with its legal or regulatory obligations, the Company
is not under any obligation and the Company expressly disclaims any
intention or obligation to update or revise any
forward‐looking statements, whether as a result of
new information, future events or otherwise. Additional information
about these and other assumptions, risks and uncertainties are set
out in our Annual Report on Form 20‐F filed with the
U.S. Securities and Exchange Commission and our Management's
Discussion and Analysis for the three and nine months ended
September 30, 2015, filed with the
Canadian securities regulators.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mfc-bancorp-announces-late-filing-of-financial-statements-300243829.html
SOURCE MFC Bancorp Ltd.