OTTAWA, March 16, 2016 /CNW/ - Magor Corporation (TSX-V:MCC), a global leader in visual collaboration solutions, announces that it has filed amended and restated unaudited interim financial statements and related management's discussion and analysis ("MD&A") for the three month period ended July 31, 2015 (Q1) and for the three and six month periods ended October 31, 2015 (Q2), which are available on SEDAR at www.sedar.com.
The Company recently became aware of a contractual arrangement that was entered into on July 31, 2015 with a related party in which they inadvertently omitted to notify the appropriate authorities within the organization of the transaction. Upon further review of the situation, the Company concluded that a control breakdown occurred which resulted in the Company not recording the purchase of these goods and services from a related party in the financial accounts, and to disclose the related party transaction in the July 31, 2015 and October 31, 2015 financial statements and MD&A. The Company has taken the necessary actions to remediate the control deficiency. The financial statements and related MD&A's have been amended to reflect the unrecorded purchase of products and services obtained for resale from a related party and the failure to disclose the related party transaction in the financial statements and MD&A.
These corrections resulted in adjustments as at July 31, 2015 in the interim condensed consolidated statement of financial position to the previously reported prepaids and other receivables of $52,716, inventory of $145,711 and accounts payable and accrued liabilities of $198,427. These adjustments did not have an impact on the Company's previously reported net loss and total comprehensive loss included within the condensed interim consolidated statements of comprehensive loss for the three month period ended July 31, 2015; nor did they have any impact on the previously reported net decrease in cash flows included within the condensed interim consolidated statements of cash flows for the three month period ended July 31, 2015.
These corrections resulted in adjustments as at October 31, 2015 in the interim condensed consolidated statement of financial position to the previously reported prepaids and other receivables of $45,244, inventory of $145,711, accounts payable and accrued liabilities of $198,427 and deficit of $7,472. These corrections also resulted in adjustments for the interim condensed consolidated statement of loss and comprehensive loss for the three and six month periods then ended to the previously reported cost of sales of $7,472. These adjustments did not have an impact on the Company's previously reported net decrease in cash flows included within the condensed interim consolidated statements of cash flows for the three and six month periods ended October 31, 2015.
About Magor Corporation:
Magor develops and markets visual collaboration software addressing the needs of meeting rooms, desktops and mobility devices, as part of a cloud service offering called Aerus. Magor's Aerus service delivery platform removes the limitations of traditional video conferencing and collaboration tools to provide entirely new ways of interacting with video with the goal of creating new ways to be productive. To find out more about Magor Corporation (TSX-V: MCC), visit our website at http://www.magorcorp.com.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Magor Corporation
For further information: Mike Pascoe, President and CEO, Magor Corporation, 613-686-1731 ext 5510, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group, 416-644-5081, [email protected]