TORONTO, Nov. 14 /CNW/ - Eiger Technology, Inc. (TSX: AXA OTCBB: ETIFF)
(the "Company" or "Eiger") has restated its financial statements for the
interim periods March 31, 2007 and June 30, 2007, due to inquiries made by the
Ontario Securities Commission with respect to the implementation of CICA
Handbook Section 3855 Financial Instruments - Recognition and Measurement,
Sections 3861 Financial Instruments - Disclosure and Presentation, Section
3865 Hedges and Section 1530 Comprehensive Income.
The Company issued a derivative financial instrument during the quarter
ended March 31, 2007 and did not recognize the liability at the point of
issuance and subsequently did not record the change in fair value through its
statement of operations. The derivative financial instrument represents a
written call option on its investment in Newlook Industries Corp. common
The restated statements of operations for the three months ended March 31
and June 30, 2007, reflect adjustments to the fair value of the financial
instrument of $2,212,000 and $3,034,000, respectively. The March 31 and
June 30, 2007 balance sheets were restated to include derivative financial
instrument liabilities of $2,212,000 and $5,246,000, respectively. When all
options are exercised or expire, the liability will be zero. All of the
adjustments noted above are non-cash changes.
Eiger Technology, Inc., headquartered in Toronto, Ontario is a publicly
traded company listed on the Toronto Stock Exchange. For more information
please call (416) 216-8659 or refer to www.sedar.com.
The management of the company, who take full responsibility for its
content, prepared this press release. The Toronto Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release. This press release contains forwardlooking statements relating
to future events and results that are based on Eiger's current expectations.
These statements involve risks and uncertainties including, without
limitation, Eiger's ability to successfully develop and market its products,
consumer acceptance of such products, competitive pressures relating to price
reductions, new product introductions by third parties, technological
innovations, and overall market conditions. Consequently, actual events and
results in future periods may differ materially from those currently expected.
For further information:
For further information: Gary N. Hokkanen, CFO, Eiger Technology, Inc.,
Telephone: (416) 833-2753, Ext. 228