Business
BSM Announces 500 Units, $570,000 Order From a Multi National Services Company, Restates Financials, and Provides update on Business Combination
BSM Announces 500 Units, $570,000 Order From a Multi National Services Company, Restates Financia...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\nBSM Announces 500 Units, $570,000 Order From a Multi National Services Company, Restates Financials, and Provides update on Business Combination\n\n\n Aug. 14, 2009 (Filing Services Canada) -- BSM Technologies Inc. (GPS - TSX Venture), a leading provider of high security vehicle tracking and surveillance solutions today announced receipt of a large order worth approximately $570,000 (over the life of the contract) related to its products and services by one of its major channel partners. The end customer is a multi-national service company (\"MNSC\") located in Greater Toronto Area. For security reasons, the identity of the MNSC will remain confidential. The Company also announced that it has released amended and restated audited financial statements for the year ended September 30, 2008, amended and restated un-audited interim financial statements for the three months ended December 31, 2008 and amended and restated un-audited interim financial statements for the three and six months ended March 31, 2009. As a result of these restatements, the reduction in net loss for the year ended September 30, 2008 was $ 44,701, for the three months ended December 31, 2008 the reduction in net loss was $ 104,120, and for the three months ended March 31, 2009 the reduction in net loss was $ 41,543.BSM AWARDED CONTRACT FOLLOWING STRINGENT PEER GROUP DUE DILIGENCEMNSC provided stringent testing criteria to conclusively determine that the BSM solution would meet their needs. BSM met and surpassed the testing criteria. All 500 units will be deployed over 3 months. \"This affirms BSM's ability to provide unique solutions to a Customer with specific enterprise requirements\" commented Mr. Aly Rahemtulla, President and CEO of BSM Technologies Inc.RESTATEMENT OF FINANCIALSThe Company has discovered that the measurement and presentation of the liability and equity portion of the Convertible Debenture as shown on the balance sheet for the year ended September 30, 2008, three months ended December 31, 2008, and three and six months ended March 31, 2009 was incorrect and that certain balance sheet items were misstated and misclassified for the year ended September 30, 2008 and interim statements for the three months ended December 31, 2008 and March 31, 2009. In addition, the Company believes that its accounting for certain sales transactions in the i...