TORONTO, Sept. 17 /CNW/ - Humber Capital Corporation (TSX-V: RUM.P) ("Humber"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announced today it has voluntarily refiled on SEDAR amended and restated unaudited financial statements for the quarter ended March 31, 2008 and the six month period ended June 30, 2008 (the "Amended and Restated Financial Statements"), along with amended and restated management's discussion and analysis ("MD&A") thereon.
The Amended and Restated Financial Statements result from discussions regarding these unaudited financial statements with the Corporation's auditors, MSCM LLP, in the context of the auditors being asked to provide comfort on the interim financials, wherein they advised of the need to reclassify the Shareholders' Equity section of Humber's balance sheets in each of the two periods. For the quarter ended March 31, 2008, $500,000 has been reclassified from "capital stock" to "share subscriptions received in advance" to properly reflect the timing of the issuance of the seed shares of Humber. For the six months ended June 30, 2008, $99,164 has been reclassified from "capital stock" to "contributed surplus" to allow for the valuation of options given by Humber in connection with its initial public offering, which closed on April 15, 2008. There has been no change to Net Income as a result of the amendment and restatements.
Humber's Amended and Restated Financial Statements and MD&A have been filed on SEDAR and copies can be obtained from the SEDAR website at www.sedar.com.
About Humber
Humber was incorporated under the Canada Business Corporations Act on December 14, 2007 and completed its initial public offering of common shares on April 15, 2008. As a capital pool company, Humber's current business is restricted to the identification and evaluation of assets or businesses with a view to completing its qualifying transaction (the "Qualifying Transaction") under Exchange Policy 2.4 Capital Pool Companies. On August 26, 2008, Humber announced that it had entered into a definitive share purchase agreement pursuant to which it will acquire all of the issued and outstanding shares of Anderson's Liquor, Inc., an independent retailer of 18 liquor stores in Alberta, Canada, that management believes will satisfy the applicable Exchange requirements to constitute Humber's Qualifying Transaction.
This news release may contain "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the proposed Qualifying Transaction and associated transactions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the proposed Qualifying Transaction and associated transactions, that the ultimate terms of the proposed Qualifying Transaction and associated transactions will differ from those that currently are contemplated, and that the proposed Qualifying Transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this news release are made as of the date of this release. The factors identified above are not intended to represent a complete list of the factors that could affect Humber. Additional factors are noted under "Risk Factors" in Humber's initial public offering prospectus dated March 7, 2008, a copy of which may be obtained on the SEDAR website at www.sedar.com.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
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