MONTREAL, Sept. 11, 2018 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today is providing an update on its previously announced intention to restate its consolidated financial statements as at and for the years ended December 31, 2017 and 2016 (the "2017 Amended and Restated Financial Statements") and corresponding management discussion and analysis for the years ended December 2017 and 2016, as well as for the three-month and six-month periods ended June 30, 2017.
While performing audit procedures and inquiries on the 2017 Amended and Restated Financial Statements, the Company's auditors identified a control deficiency related to the Company's inventory count procedures at year-end. As a result, the auditors require that the Company perform additional inventory count procedures. The Company continues to work diligently with its auditors to enable the release of the 2017 Amended and Restated Financial Statements, which includes the coordination and completion of a physical inventory count in all of its stores. The Company, in conjunction with its auditors, will continue to devote the necessary resources to finalize and file the 2017 Amended and Restated Financial Statements as soon as practicable. The Company intends to provide regular updates on its progress until the 2017 Amended and Restated Financial Statements are filed.
LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located primarily in major department stores in the United States and Canada; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's planned adjustments to restate our historical consolidated financial statements and intention to file restated consolidated financial statements. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the nature and magnitude of the restatement that needs to be made and other factors which management considers appropriate.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.
For further information: Audrey Lara, Chief Financial Officer, LXRandCo, Inc., +1 (514) 718-9541, [email protected]; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, +1 (416) 519-4196, [email protected]