OTTAWA, Sept. 1 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"
or "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada announced today the
restatement of its June 30, 2009 Consolidated Statements of Operations and
Comprehensive Loss and the re-filing of its June 30, 2009 MD&A. All figures
are in Canadian dollars and reported in thousands.
The restatement of the June 30, 2009 Consolidated Statement of Operations
and Comprehensive Loss results in revenue decreasing by $4,329 to $46,980 with
a corresponding decrease to cost of goods sold of $4,329 totaling $31,842.
The restatement has no impact on previously reported gross profit, net
loss and comprehensive loss and basic and diluted net loss per common share.
In addition, there is no impact on prior periods, nor is there any impact on
the Company's Consolidated Balance Sheets and Consolidated Statement of Cash
Forward looking statements
This press release may contain forward-looking statements, which reflect
Allen-Vanguard's current expectations regarding future events, its strategy,
expected performance and condition. Forward-looking statements include
statements that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as "expects," "anticipates,"
"plans," "believes," "estimates" or negative versions thereof and similar
expressions. In addition, any statement that may be made concerning future
performance, strategies or prospects, and possible future investments,
acquisitions or dispositions, is also a forward-looking statement.
Forward-looking statements are based on current expectations and projections
about future events and are inherently subject to, among other things, risks,
uncertainties and assumptions about the Company and economic factors.
Forward-looking statements are not promises or guarantees of future
performance, and actual events and results could differ materially from those
expressed or implied in any forward-looking statements made about the Company.
Any number of important factors could contribute to these digressions,
including, but not limited to, general economic, political and market factors
in North America and internationally, interest and foreign exchange rates,
global equity and capital markets, business competition, technological change,
changes in government regulations, unexpected judicial or regulatory
proceedings, and catastrophic events. We stress that the above-mentioned list
of important factors is not exhaustive. We encourage you to consider these and
other factors carefully before making any investment decision and we urge you
to avoid placing undue reliance on forward-looking statements. Further, you
should be aware that the Company disclaims any obligation to publicly update
or revise any such forward-looking statements whether as a result of new
information, future events or otherwise, prior to the release of the next
Management Discussion and Analysis to be released by the Company or except as
required by law.
Allen-Vanguard Corporation supports the mission of military and homeland
security forces around the world with leading proprietary solutions for
protection and counter-measures against hazardous devices of all kinds,
whether chemical, biological, radiological or explosive ("CBRNE"), including
improvised explosive devices (IEDs) and remotely controlled IEDs ("RCIED"s).
Allen-Vanguard equipment is in service in more than 120 countries. Products
include Electronic Counter-Measures ("ECM") equipment for jamming remote
detonation of terrorist devices, specialty security equipment for Explosive
Ordnance Disposal ("EOD"), remote intervention robots for hazardous
applications, and personal protective wear for use in dealing with explosive
and bio-chemical agents. Allen-Vanguard is the developer and/or sole,
worldwide licensee of proprietary technologies such as the Med-Eng bomb suit,
the Defender(TM) and Vanguard(TM) Mk2 bomb disposal robots, and the Universal
Containment System and CASCAD Foam system for blast mitigation and
decontamination of bio-chemical warfare agents. Professional services
encompass counter-IED intelligence, training and advisory services, including
the Triton(TM) Report on terrorist incidents around the world. The Company
operates globally through its wholly-owned subsidiaries under the names
"Allen-Vanguard", "Med-Eng" and "Hazard Management Solutions". Head office
operations are located in Ottawa, Ontario, Canada, with manufacturing
operations in Pembroke, Ontario; Ogdensburg, New York; and Tewkesbury, U.K.
The Company has professional services operations in Shrivenham, UK, Canada and
in the U.S. in Arlington, Virginia, plus sales offices in Canada, the U.S.,
the U.K. and Asia. Allen-Vanguard's shares are listed on The Toronto Stock
Exchange (TSX) under the symbol "VRS". To learn more about Allen-Vanguard
Corporation (TSX: VRS), visit www.allenvanguard.com.
For further information:
For further information: Robin Sundstrom, (647) 822-8111,