Last Close: December 3, 2010 - $0.12
Shares Issued: 72,458,502
CALGARY, Dec. 6 /CNW/ - Maple Leaf Reforestation Inc (TSX-V-MPE) (the "Company" or "Maple Leaf") will be re-stating and re-filing its first and second quarter, fiscal 2011, financial statements and management discussion & analysis (the "Filings"). The Filings are being made so as to:
- provide a more specific breakdown of Maple Leaf's financial and operational results across the various segments that it operates in, including but not limited to, providing more details on cash flows, expenses and inventories across these operational segments, as opposed to providing cumulative information;
- provide more disclosure to investors regarding the assumptions used to prepare the Filings;
- provide more comprehensive information relating to Maple Leaf being a development stage company, including information about its major clients and the operational arrangements that it is a party to;
- remove various forward-looking information and forward-looking financial information that is contained in the Filings, or otherwise better identify in the Filings what should be read as forward-looking information or forward-looking financial information and what material factors or assumptions were used to develop such information;
- include a more detailed discussion and analysis of the Company's liquidity, capital resources and capital requirements, disclosure requirements relating to being an issuer without significant revenue and variances and trends between the present and previous reporting periods;
- rectify various reporting discrepancies relating to share capital, stock options issuances and general presentation of the Company's results that have occurred across reporting periods;
- provide a more detailed discussion of Maple Leaf's changeover plan to International Financial Reporting Standards ("IFRS"), and more specifically provide details regarding how the changeover to IFRS will impact the Company and at what stage the Company is at with respect to its changeover plan; and
- generally present Maple Leaf's operational results in a manner that better complies with the requirements of National Instrument 51-102, Continuous Disclosure Obligations, and that more clearly presents such operational results in a manner that is understandable and informative to readers.
The Company expects to release the Filings on Sedar on or before December 31, 2010.
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company operating various projects in China. Maple Leaf is a wholly-owned foreign enterprise which allows the Company to control 100% of the direction and operations of the company in China while permitting the cash generated from operations in China to flow back to Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
For further information: For further information:
regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact:
Maple Leaf Reforestation Inc.
Raymond Lai, Chairman, President & CEO
Tel: +1 (403) 668-7560
Fax: +1 (403) 250-2534
E-mail: [email protected]