Correction of an error in Q3-2011 financial statements

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.

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.


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.


For further information:

Source:  Victhom Human Bionics Inc.
For more information: 

Normand Rivard
President & CEO
Victhom Human Bionics Inc.  
Tel.: (438) 380-5244  
Fax: (438) 381-1530

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