VANCOUVER, May 5 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) announced today that is has been delayed in completing its consolidated financial statements as at and for the year ended December 31, 2007 as a result of unforeseen complications in the accounts of its Bulgarian subsidiary corporation, and accordingly has been placed on the list of defaulting reporting issuers maintained by each of the British Columbia and Alberta securities commissions.
As part of the audit process, an issue regarding the reconciliation of certain accounts and the accounting methodology of the subsidiary was identified. Management evaluated the problem in consultation with the auditors and determined that that it was necessary to revise the accounting to ensure that management could be reasonably assured that it was correct.
This determination was made on April 29, 2008. EurOmax anticipates that the revisions to the accounts of the subsidiary will result in a three week delay in the completion and filing of the audited consolidated financial statements. EurOmax's management and its auditors are making all efforts to complete the revisions to the accounts and the audit as soon as possible.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
On Behalf of the Board of Directors
"John C. Menzies"
Chairman and CEO
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EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX
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