As a result of a review by the British Columbia Securities
Commission, Liuyang Fireworks is issuing the following press
release to clarify its fiscal 2012 year-end financial statements
disclosure.
TORONTO,
July 26, 2013 /CNW/ - Liuyang
Fireworks Limited (TSXV: FWK) ("Liuyang" or "the Company")
announces, that at the request of the British Columbia Securities
Commission, the Company has today filed amended its fiscal 2012
year-end financial statements and accompanying management
discussion and analysis ("MD&A"). There are no material
changes to the Company's fiscal 2012 year-end financial results
previously disclosed on October 29,
2012.
The Company changed its fiscal year end from
December 31 to June 30 in 2011 to
better align the Company's financial reporting and business cycles
to those of its customers and suppliers. Since the transition year,
which is 2011, is less than nine months in length, the Company is
required under Section 4.8(6) of National Instrument 51-102 to
include to its financial statements for June
30, 2012, the financial information for the short fiscal
period ended June 30, 2011 and the
year ended December 31, 2010. The
amendment is intended to satisfy the aforementioned regulatory
requirement.
The amended filings also provide further
clarification in the notes to the financial statements and further
discussion on the Company's operations in the MD&A. The amended
documents have been filed on SEDAR (www.sedar.com).
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading
China-based manufacturer of
fireworks distributed both domestically and within more than 15
countries in North America,
South America and Europe. The Company has more than 17
years of experience in the fireworks industry and is a supplier to
the world's top five fireworks wholesalers and retailers. Liuyang's
ISO9001-certified manufacturing facilities are located in the
Liuyang area of Hunan, China,
where more than half of the world's fireworks are produced.
Forward-Looking Statements
The forward-looking information contained in
this news release represents the expectations of the Company as of
the date of this news release and, accordingly, is subject to
change after such date. Readers should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While the Company may
elect to, it does not undertake to update this information at any
particular time except as required in accordance with applicable
securities legislation.
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 Liuyang Fireworks Limited