Asia Packaging Group Inc.
TSX VENTURE : APX

Asia Packaging Group Inc.

September 10, 2013 19:51 ET

Asia Packaging Group Inc. Announces Re-Filing of its Financial Statements for the Quarter Ended December 31, 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 2013) - Asia Packaging Group Inc. (TSX VENTURE:APX) ("Asia Packaging" or the "Company") has taken steps to file its amended and restated December 31, 2012 interim financial statements to reflect a subsequent event disclosure as follows:

  1. On January 10, 2013, the Company entered into a land and buildings acquisition agreement with an unrelated party. The agreement consisted of deposits of $19,656,000 made to acquire land and buildings, and this agreement was not disclosed in the Company's December 31, 2012 interim financial statements as a subsequent event, as originally filed; and
  2. The December 31, 2012 interim financial statements have been amended and restated to include Note 19 Subsequent Event, to describe the nature of the deposits made subsequent to December 31, 2012.

There is no impact on the results of operations or financial position of the Company as at and for the period ended December 31, 2012 as a result of the restatement.

About Asia Packaging Group Inc.

Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services to the food pharmaceutical and retail industries in China. The Company operates a manufacturing plant in Yichun City, Jiangxi China where it produces a variety of film and plastic packaging products. With the completion of the acquisition of Yuanxing Packaging earlier this year, the Company has added a bag manufacturing facility located in Fujian Province and sales offices in Guangzhou and Shanghai.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

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