01:05:51 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



GLG Life expects to file 2012 financials soon

2013-05-21 14:44 ET - News Release

Mr. Stuart Wooldridge reports

GLG LIFE TECH CORPORATION PROVIDES REGULATORY UPDATE

GLG Life Tech Corp. has provided a regulatory update.

Following the cease trade order issued on May 2, 2012, by the British Securities Commission and subsequently adopted by the other Canadian securities regulators in jurisdictions where GLG is a reporting issuer, the BCSC launched a continuous disclosure review in September, 2012. The company expects that it is now nearing completion of that process and will be able to then file its year-end financial reports including its annual audited financial statements, management discussion and analysis, annual information form, and chief executive officer and chief financial officer certifications for the period ending Dec. 31, 2012, shortly.

The main reasons for the delay in filing were due to third party valuation reports required to support its transition from U.S. generally accepted accounting principles to international financial reporting standards, and in particular, to look at tangible and intangible assets impairment testing and to meet the BCSC's information request as part of the continuous disclosure review. Two thousand twelve is the first year that the company is reporting under IFRS.

The company also will be refiling its financial statements for the nine-month period ended Sept. 30, 2012, and related MD&A to correct an error associated with its IFRS impairment testing. The company will provide more details in an accompanying news release once it formally refiles the interim financial statements and related MD&A.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.