Trading Symbol (TSXV: UUU and AIM: UUU)
VANCOUVER, Dec. 22 /CNW/ - UrAsia Energy Ltd. (the "Company" or "UrAsia") reports that in accordance with the requirements of Section 4.8(2) of National Instrument 51-102, the Company has decided to change its year end from its current year end date of July 31 to December 31. The reasons for the change to a year ended December 31 are as follows:
- The Company's operations are in the form of joint ventures. The joint
ventures prepare financial reports based on a fiscal period ending
December 31; the accounts of the joint ventures are consolidated with
the accounts of UrAsia Energy Ltd. for financial reporting purposes.
Currently the periods required for UrAsia's reporting based on a
July 31 year end do not match the periods prepared by the joint
ventures resulting in a complicated internal financial reporting
system. Having co-terminus fiscal periods would streamline the
consolidation and reporting process and make it more efficient.
- UrAsia is a participant in a small but competitive field; most of its
competitors file financial reports based on a fiscal year end of
December 31. It would be more meaningful for UrAsia's shareholders
and investors to be able to compare financial results with other
companies in the same industry, for the same reporting periods; this
parity can be achieved by changing UrAsia's fiscal year end to
December 31.
The following table sets forth the length of the periods, the ending date
of the periods, including the comparative periods, and filing deadlines for
the Company's interim and annual financial statements to be filed during its
transition year and its new financial year.
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Period and Length Filing Deadlines as Comparative
Ending Date Prescribed under Section Period and
4.2 and 4.4 for the Ending Date
Issuer's Transition Year
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For quarter 3 months January 2, 2007 3 months
interim statements ended
for the period October 31,
ended October 31, 2005
2006
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Audited financial 5 months April 30, 2007 12 months
statements for ended
the period ended July 31,
December 31, 2006 2006
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First interim 3 months May 30, 2007 3 months
financial ended
statements for April 30,
the period ended 2006
March 31, 2007
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Second interim 3 months August 29, 2007 3 months
financial and 6 months
statements for ended
the period ended July 31,
June 30, 2007 2006
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Third interim 3 months November 29, 2007 3 months
financial and 9 months
statements for ended
the period ended October 31,
September 30, 2007 2006
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Audited financial 12 months April 29, 2008 5 months
statements for ended
the year ended December 31,
December 31, 2007 2006 and 12
months ended
July 31,
2006
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UrAsia is a Canadian-based uranium producer that offers investors exposure to low-cost, uranium production and growth. The Company creates shareholder value by focusing on the development and operation of low-cost, in-situ leach uranium projects in Central Asia.
UrAsia is listed on the TSX Venture Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange, trading under the symbol UUU on both exchanges.
On behalf of UrAsia Energy Ltd.
"Phillip Shirvington"
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of UrAsia Energy Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.