Seprotech Files Restated Interim Financial Statements.
26 March 2011 - 3:14AM
PR Newswire (Canada)
OTTAWA, March 25 /CNW/ -- OTTAWA, March 25 /CNW/ - Seprotech
Systems Incorporated (TSXV: SET; "Seprotech" or the "Company")
advises that it has filed with SEDAR restated interim financial
statements and accompanying Management Discussion & Analysis
together with related CEO and CFO certifications for the quarterly
periods ending November 30, 2009, February 28, 2010 and May 31,
2010 respectively. The restatements were necessary due to a
previously disclosed and now resolved over-billing issue between
the Company and its client, the Department of National Defence
("DND"). The final amount of the over-billing as agreed between the
parties is $315,584 and as previously announced the matter is being
rectified by way of credits against actual work currently in
process. In this regard, $150,000 has already been paid to DND,
with the balance expected to be repaid in full by April 30, 2011.
In addition to the overstatement of previously reported revenues in
the Company's unaudited consolidated interim financial statements,
the internal review and discussions with DND have also resulted in
a delay in filing the Company's Audited Annual Financial Statements
for the fiscal year ended August 31, 2010, as well as the related
MD&A and CEO and CFO certifications. The Company has also
reported that for these reasons it would not be able to file its
interim financial statements for the quarter ended November 30,
2010, and the related MD&A and CEO and CFO certifications, by
January 31, 2011 as required under securities laws. The Company is
now working with its auditors to complete the Annual Audited
Financial Statements and related filings for the fiscal year ended
August 31, 2010 and to complete the interim financial statements
for the quarter ended November 30, 2010. The Company is taking
steps to bring all filings up to date by April 30, 2011. Seprotech
is a provider of pre-engineered water and wastewater treatment
plants to the land development, resource sector and military market
place, including CrystalBlueâ„¢ membrane-based water recycling
systems and the ROTORDISK® wastewater treatment systems. 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. The TSX Venture Exchange has neither approved nor
disapproved of the information contained herein. Some of the
statements in this press release, including those relating to the
Company's strategies and other statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "expects", "anticipates", "intends",
"plans", "believes", "estimates" or similar expressions, are
forward-looking statements within the meaning of securities laws.
Forward-looking statements include, without limitation, the
information concerning possible or assumed future results of
operations of the Company. These statements are not historical
facts but instead represent only the Company's expectations,
estimates and projections regarding future events. The Company does
not undertake any obligation to update or release any revisions to
these forward-looking statements to reflect events or circumstances
after the date of this presentation or to reflect the occurrence of
unanticipated events, except as required by law. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/25/c6571.html
p Mr. Matthew Anderson, Investor Relationsbr/ Tel: (613)
523-1641br/ Fax: (613) 731-0851 /p
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