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Leonovus Inc. refiles amended unaudited interim financial statements
Leonovus Inc. refiles amended unaudited interim financial statements Canada NewsWi...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\nLeonovus Inc. refiles amended unaudited interim financial statements\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, Dec. 2, 2017\n\n\n\nOTTAWA, Dec. 2, 2017 /CNW/ - Leonovus Inc. (\"Leonovus\" or the \"Company) (TSXV: LTV) announced today the refiling of its amended unaudited condensed interim consolidated financial statements for the three- and nine-month period ended September 30, 2017 (the \"Q3 Financials\") after completion of their review by the Company's auditors. The Q3 Financials were amended to (i) correct the allocation of shareholder deficiency in the notes; and (ii) disclose that on November 27, 2017 counsel for the Company received two notices of claim from the Labor Commissioner, State of California against the Company with respect to unpaid wages, vacation wages, and waiting time penalties for the periods January 1, 2009 to October 8, 2015 totaling $131,000 and January 1, 2014 to October 5, 2015 totaling $386,449 respectively. The claims were made by two former employees of the Company's wholly owned subsidiary, Leonovus USA. Management is evaluating the claims and intends on defending the Company and its subsidiary to the fullest extent possible.\n\nAs part of the previously announced bought deal, the audited annual financial statements for the year ended December 31, 2016 were also refiled solely to include, immediately following the report of the Corporation's independent auditor, the report of the Corporation's predecessor independent auditor. The Company's amended unaudited condensed interim consolidated financial statements for the three- month period ended March 31, 2017 and the three- and six-month period ended June 30, 2017 were also refiled to correct errors identified by the Company and its auditors.\n\nThis press release may contain forward-looking statements and information, which may involve risks and uncertainties.  The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competi...