CALGARY, Oct. 17, 2012 /CNW/ - Axia NetMedia Corporation (Axia) (TSX:AXX) today announced that it has changed its financial year end from June 30 to December 31. Axia's transition year will be the six months ending December 31, 2012. The comparative period will be the 12 months ended June 30, 2012. Axia's new financial year end will occur on December 31, 2013. Further details can be found in Axia's Notice of Change in Year End prepared in accordance with Section 4.8 of National Instrument 51-102 - Continuous Disclosure Obligations, which has been filed on SEDAR.
The change will synchronize Axia's financial year end with that of its subsidiaries and enable the company to streamline and reduce the costs associated with its financial reporting, audit and annual budgeting processes.
Axia sells services over fibre optic communications infrastructure in jurisdictions that have implemented the Axia NGN Solution. To date, Axia has networks in Alberta, France, Singapore, Spain and Massachusetts. Axia trades on the Toronto Stock Exchange under the symbol "AXX".
This News Release contains forward-looking statements, including, without limitation, statements containing the words "should", "believe", "anticipate", "may", "plan", "will", "continue", "intend", "expect", "estimate" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. These statements are based on our current expectations, estimates, forecasts and assumptions about the operating environment, economies and markets in which we operate and are subject to important assumptions, risks and uncertainties that are difficult to predict. Examples of these statements would include those where Axia forecasts its success and timing in winning new NGN business, the timing of completion and estimated total costs of our networks, the revenues and operating costs associated with these networks over time, and Axia's ability to generate future cash flows and avail itself of other financing alternatives given current market conditions. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, changes in customer markets, changes in demand for our services, our inability to deliver services in a timely and cost efficient manner, technological change, general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in our Annual Information Form, which filings can be found at www.sedar.com. Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise.
SOURCE: Axia NetMedia Corporation
For further information:
please visit Axia's website at www.axia.com, or contact:
Chief Financial Officer
Axia NetMedia Corporation