OTTAWA, Dec. 2, 2017 /CNW/ - Leonovus Inc.
("Leonovus" or the "Company) (TSXV: LTV) announced today the
refiling of its amended unaudited condensed interim consolidated
financial statements for the three- and nine-month period ended
September 30, 2017 (the "Q3
Financials") after completion of their review by the Company's
auditors. The Q3 Financials were amended to (i) correct the
allocation of shareholder deficiency in the notes; and (ii)
disclose that on November 27, 2017
counsel for the Company received two notices of claim from the
Labor Commissioner, State of
California against the Company with respect to unpaid wages,
vacation wages, and waiting time penalties for the periods
January 1, 2009 to October 8, 2015 totaling $131,000 and January 1,
2014 to October 5, 2015
totaling $386,449 respectively. The
claims were made by two former employees of the Company's wholly
owned subsidiary, Leonovus USA.
Management is evaluating the claims and intends on defending the
Company and its subsidiary to the fullest extent possible.
As part of the previously announced bought deal, the audited
annual financial statements for the year ended December 31, 2016 were also refiled solely to
include, immediately following the report of the Corporation's
independent auditor, the report of the Corporation's predecessor
independent auditor. The Company's amended unaudited condensed
interim consolidated financial statements for the three- month
period ended March 31, 2017 and the
three- and six-month period ended June 30,
2017 were also refiled to correct errors identified by the
Company and its auditors.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The
results or events predicted in these statements may differ
materially from actual results or events. Factors that might cause
a difference include, but are not limited to, competitive
developments, risks associated with Leonovus' growth, the state of
the financial markets, regulatory risks and other factors.
There can be no assurance or guarantees that any statements of
forward-looking information contained in this release will prove to
be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These
and all subsequent written and oral statements containing
forward-looking information are based on the estimates and opinions
of management on the dates they are made and expressly qualified in
their entirety by this notice. Unless otherwise required by
applicable securities laws, Leonovus disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. Readers should not place undue reliance on any
statements of forward-looking information that speak only as of the
date of this release. Further information on Leonovus'
public filings, including its most recent audited consolidated
financial statements, are available at
www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE LeoNovus Inc.