Liquid Nutrition Group Inc.: Re-filing of March 31, 2011 and June 30, 2011 Financial Statements
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/20/11 -- TSX Venture Exchange: LQD.V and LQD.WT
Liquid Nutrition Group Inc. ("Liquid Nutrition" or "Company") (TSX VENTURE: LQD)(TSX VENTURE: LQD.WT) today announced its decision to re-file its unaudited condensed consolidated interim financial statements for the periods ending March 31, 2011 and June 30, 2011.
The intangible assets acquired indirectly from Liquid Nutrition Inc. ("LNI") in December 2010 comprise all registered and un-registered trademarks, trade names, brand names, logos, slogans, designs, copyrights, trade secrets, know-how and all associated goodwill related to the Liquid Nutrition business. Management has determined that these assets constitute a "business" as such is defined under International Financial Reporting Standards. As a non-transitory business acquisition between related parties under common control, the intangible assets acquired will now be recorded at their historical predecessor Canadian GAAP carrying values as shown in the Company's 2010 audited Canadian GAAP financial statements, instead of the value of the consideration paid.
The impact of this change in classification and accounting policy as at and for the periods ending March 31, 2011 and June 30, 2011 is to reduce the recorded value of Intangible Assets and Share Capital by $7,872,460 each, representing the difference between the $7,900,000 subscription price of Company shares exchanged to purchase the assets and their $27,540 historical carrying value.
Management has also taken the opportunity to re-classify $228,333 of unamortized debenture agent commissions previously recorded as Prepaid Expenses in the March 31, 2011 financial statements and record instead as a reduction of Convertible Debt. In addition, certain comparative data reported on both the March 31, 2011 and June 30, 2011 statements have been removed that are not required to be reported.
These changes have no impact on the statement of loss and comprehensive loss.
Management intends to re-file these financial statements as soon as final internal and external approvals are received.
About Liquid Nutrition Group Inc.
Liquid Nutrition Group Inc. ("LNGI") (TSX VENTURE: LQD)(TSX VENTURE: LQD.WT) is a functional beverage, food, vitamin and supplement store franchisor, headquartered in Montreal, Quebec. LNGI is committed to bringing healthy and delicious eating to communities around the world. Through its wholly-owned subsidiary, Liquid Nutrition Franchising Corporation, LNGI is currently the franchisor of six stores located in Montreal, with franchise commitments and expansion opportunities throughout Canada and the United States, as well as license opportunities internationally.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Korrelation Communications
Pamela Singh
(647) 393-7267
Liquid Nutrition Group Inc.
Mark O'Hara
(905) 815-1112
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Datum: 20.10.2011 - 15:51 Uhr
Sprache: Deutsch
News-ID 1048417
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