Sumtra Diversified Inc. Reports Refiling of Interim Financial Statements & MD&As
September 08 2014 - 12:40PM
PR Newswire (Canada)
TORONTO, Sept. 8, 2014 /CNW/ - Sumtra Diversified Inc.
(NEX:SDV.H) ("Sumtra" or the "Company") announces today that it has
refiled interim financial statements and related management's
discussion and analysis for the quarters ending February 28, 2014 and May
31, 2014 to correct deficiencies identified in a disclosure
review conducted by the Ontario Securities Commission ("OSC"). The
deficiencies relate to the pre-mature recognition of revenue
relating to the sale of two parcels of vacant land in the
City of Guelph to the Ministry of
Transportation (Ontario) first
announced in February 2014, which
sale has been completed on September 3,
2014. As a result of subsequent events that occurred
resulting in delays to the completion of the property sale, the
Company is now of the view that it was inappropriate to recognize
the revenue from the sale at the time of the original filings as
all revenue recognition criteria in IAS 18 Revenue under
IFRS had not been met. Accordingly, the original interim filings
can no longer be relied upon.
The Company also announced that it has filed a material change
report it omitted to previously file in connection with the
property sale. As a result of the OSC review, the board of
directors of Sumtra has conducted a review of the Company's
disclosure practices and intends to use its best efforts to ensure
that the Company meets all its disclosure obligations under
applicable securities legislation in the future.
Neither TSX Venture Exchange nor its regulation services
provider ( as the term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sumtra Diversified Inc.
Copyright 2014 Canada NewsWire
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