Correction of an error in Q3-2011 financial statements
November 22 2011 - 12:14AM
PR Newswire (Canada)
QUEBEC, Nov. 23, 2011 /CNW Telbec/ - Victhom Human Bionics Inc.
("Victhom") today reported that the Company discovered, during the
third quarter 2011, an accounting discrepancy in its previously
reported consolidated financial statements for fiscal years 2009
and 2010. The gain on assets and liabilities transfer, generated by
the creation of the joint venture Neurostream, should have been
allocated differently between the statement of operations and the
statement of financial position. The Company decided to restate the
value of its intangible assets and deficit in its statement of
financial position as of January 1, 2010 and December 31, 2010. The
Company also had to adjust the gain on disposal of its interest in
joint venture in its statement of operations and comprehensive
income for the nine-month period ended on September 30, 2011. The
impacts of this restatement on the statements of financial position
were a decrease of intangible assets by an amount of $1,097,935, an
increase of the unrealized gain on assets and liabilities transfer
by an amount of $3,521 and an increase of the deficit by an amount
of 1,101,456. The impact on our statement of operations and
comprehensive income for the nine-month period ended on September
30, 2011 was an increase of the gain on disposal of interest in
joint venture for an amount of $1,101,456. The restatement had no
cash impact. All detailed information will be provided in our
Condensed Interim Financial Statements as of September 30, 2011 and
for the nine-month period ended on September 30, 2011 which should
be available on Sedar next Tuesday, November 29, 2011. About
Victhom Victhom is a company which owns patents in the field of
orthotics and prosthetics ("O&P"), including intellectual
property used in the Power Knee, the world's first and only
motor-powered prosthesis for above-knee amputees, a product
distributed under license agreement by Ossur, a global leader in
the O&P market. The Company also has a royalty agreement
related to the Neurostep(®) System and neuromodulation products in
other indications (sleep apnea and epilepsy) using the Neurobionix
technology platform currently under development by Neurostream
Technologies, a General Partnership now owned by Otto Bock, a
global leader in the O&P market. FORWARD-LOOKING STATEMENTS
Some of the statements made herein may constitute forward-looking
statements. These statements relate to future events or our future
financial performance and involve known and unknown risks,
uncertainties and other factors that may cause Victhom's actual
results, performance or achievements to be materially different
from those expressed or implied by any of Victhom's statements.
Actual events or results may differ materially. We disclaim any
intention, and assume no obligation, to update these
forward-looking statements. VICTHOM HUMAN BIONICS INC. CONTACT:
Source: Victhom Human Bionics Inc.For more information: Normand
RivardPresident & CEOVicthom Human Bionics Inc. Tel.: (438)
380-5244 Fax: (438)
381-1530normand.rivard@victhom.comwww.victhom.com
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