EDMONTON, Jan. 29, 2013 /CNW/ - Imperial Equities Inc. (TSX-V:IEI) has reported that Fiscal 2012 is the first year that Imperial Equities began reporting under International Financial Reporting Standards (IFRS). All real estate assets were valued utilizing fair market values as opposed to the traditional depreciated cost method. At September 30, 2012 the fair market value of Imperial's real estate assets exceed $100 million.
"For a company with depreciating assets, reporting under GAAP rules was clearly a distortion of the real value of its assets. With IFRS we now report our properties at fair market values utilizing data as provided by management and independent third party appraisers. For more than a year now Imperial Equities began the transition to IFRS and has initiated and received independent AACI third party appraisals on over 80% of its portfolio. Any new acquisitions and build to suit properties will, as a matter of course, have its market value determined in a manner consistent with the methods used by independent appraisers", said Sine Chadi, President and CEO of Imperial Equities.
"We are pleased to report that at September 30, 2012 our real estate assets, which now reflect their market value, are more appropriately recorded at $101,440,458".
About Imperial Equities Inc.:
Imperial Equities Inc is based in Edmonton, Alberta. A diversified company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. Imperial also distributes pharmaceutical products to institutional and retail customers through its wholly owned subsidiary, Imperial Distributors Canada Inc. Additional information is available at: www.imperialequities.com
Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Imperial Equities Inc.
For further information:
Sine Chadi, CEO
Imperial Equities Inc.
Phone: 780 424-7227
Email: [email protected]