QUEBEC, Nov. 23, 2011 /CNW Telbec/ - Victhom Human Bionics Inc.
("Victhom") (TSXV: VHB) 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.
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.
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.
SOURCE VICTHOM HUMAN BIONICS INC.
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