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Quest PharmaTech Announces Filing of Restated Audited Financial Statements for the Year Ended January 31, 2016 and for the Quarter Ended April 30, 2016
Quest PharmaTech Announces Filing of Restated Audited Financial Statements for the Year En...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nQuest PharmaTech Announces Filing of Restated Audited Financial Statements for the Year Ended January 31, 2016 and for the Quarter Ended April 30, 2016\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\nQuest PharmaTech Announces Filing of Restated Audited Financial Statements for the Year Ended January 31, 2016 and for the Quarter Ended April 30, 2016\nCanada NewsWire\nEDMONTON, Aug. 5, 2016\n\n\n\nTSX Venture: QPT\n\n\n\nEDMONTON, Aug. 5, 2016 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) (\"Quest\" or the \"Company\"), today announces the filing on SEDAR of restated financial statements for the year ended January 31, 2016 and for the three-month period ended April 30, 2016 and restated management discussion and analysis for the corresponding periods.\n\nThe restatement was made to correct the presentation of U.S.$7 million of Quest's consolidated cash and short term investments which were required to be presented under IFRS as non-current assets on the statements of financial position as the funds were subject to contractual restrictions when the financial statements were originally issued.   At that time, U.S.$6 million of the funds were required to be held until approval of filed securities documents with securities regulatory authorities or until 80% of the Board of Quest's subsidiary, OncoQuest, approved otherwise, and U.S.$1 million was required to be set aside for an investment in OncoVent Co., Ltd., a China based joint venture company focusing on cancer immunotherapy in China.  On July 11, 2016, the OncoQuest Board approved the removal of the restrictions on US$6 million of funds and these funds may be classified as current assets moving forward.\n\nThe restatement does not impact the Company's operations as it has sufficient cash resources to meet current operational requirements. \n\n\"The restatement was driven by an incorrect application of the IFRS rules relating to the presentation of cash and short term investments when there are contractual restrictions on the use and availability of these funds for general corporate purposes\" said Mr....