OTTAWA, March 16, 2016 /CNW/ - Magor Corporation
(TSX-V:MCC), a global leader in visual collaboration solutions,
announces that it has filed amended and restated unaudited interim
financial statements and related management's discussion and
analysis ("MD&A") for the three month period ended July 31, 2015 (Q1) and for the three and six
month periods ended October 31, 2015
(Q2), which are available on SEDAR at www.sedar.com.
The Company recently became aware of a contractual arrangement
that was entered into on July 31,
2015 with a related party in which they inadvertently
omitted to notify the appropriate authorities within the
organization of the transaction. Upon further review of the
situation, the Company concluded that a control breakdown occurred
which resulted in the Company not recording the purchase of these
goods and services from a related party in the financial accounts,
and to disclose the related party transaction in the July 31, 2015 and October
31, 2015 financial statements and MD&A. The Company
has taken the necessary actions to remediate the control
deficiency. The financial statements and related MD&A's
have been amended to reflect the unrecorded purchase of products
and services obtained for resale from a related party and the
failure to disclose the related party transaction in the financial
statements and MD&A.
These corrections resulted in adjustments as at July 31, 2015 in the interim condensed
consolidated statement of financial position to the previously
reported prepaids and other receivables of $52,716, inventory of $145,711 and accounts payable and accrued
liabilities of $198,427. These
adjustments did not have an impact on the Company's previously
reported net loss and total comprehensive loss included within the
condensed interim consolidated statements of comprehensive loss for
the three month period ended July 31,
2015; nor did they have any impact on the previously
reported net decrease in cash flows included within the condensed
interim consolidated statements of cash flows for the three month
period ended July 31, 2015.
These corrections resulted in adjustments as at October 31, 2015 in the interim condensed
consolidated statement of financial position to the previously
reported prepaids and other receivables of $45,244, inventory of $145,711, accounts payable and accrued
liabilities of $198,427 and deficit
of $7,472. These corrections also
resulted in adjustments for the interim condensed consolidated
statement of loss and comprehensive loss for the three and six
month periods then ended to the previously reported cost of sales
of $7,472. These adjustments did
not have an impact on the Company's previously reported net
decrease in cash flows included within the condensed interim
consolidated statements of cash flows for the three and six month
periods ended October 31, 2015.
About Magor Corporation:
Magor develops and markets
visual collaboration software addressing the needs of meeting
rooms, desktops and mobility devices, as part of a cloud service
offering called Aerus. Magor's Aerus service delivery platform
removes the limitations of traditional video conferencing and
collaboration tools to provide entirely new ways of interacting
with video with the goal of creating new ways to be productive. To
find out more about Magor Corporation (TSX-V: MCC), visit our
website at http://www.magorcorp.com.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities
legislation. Statements made in this news release, other than
those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
uncertainties. The words "may", "will", "could", "should",
"would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", "hope",
and "continue" (or the negative thereof), and words and expressions
of similar import are intended to identify forward-looking
statements. Certain material factors or assumptions are
implied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Factors that could cause results to vary include
those identified in the Corporation's filings with Canadian
securities regulatory authorities, as well as the applicability of
patents and proprietary technology; the outcome of pending
corporate transactions; possible patent ligation; regulatory
approval of products in development; changes in government
regulation or regulatory approval processes; government and third
party reimbursement; dependence on strategic partnerships;
intensifying competition; rapid technological change in the
industry; anticipated future losses; the ability to access capital;
and the ability to attract and retain key personnel. All
forward-looking information presented herein should be considered
in conjunction with such filings. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Magor Corporation
