PICKERING, ONTARIO--(Marketwired - March 9, 2017) - Automodular Corporation ("Automodular") (NEX:AM.H) reports a fourth quarter net loss of $(0.4) million or $(0.03) per share compared to a net loss of $(0.4) million or $(0.03) per share in the same period of 2015. For the year ended December 31, 2016, Automodular reports a net loss of $(1.2) million or $(0.09) per share compared to a net loss of $(2.4) million or $(0.14) per share in 2015.
As previously noted, Automodular ceased operations at its Oakville facilities in December 2014 and no longer has active operations. Automodular's focus is on moving the General Motors litigation forward while continuing to contain costs. In addition, Automodular remains committed to examining any opportunities that will leverage the Company's cash balance and public company listing.
Automodular will communicate with its stakeholders when it has something material to share.
Automodular's audited consolidated financial statements and management discussion and analysis for the year ended December 31, 2016 will be filed on SEDAR on or about March 14, 2017 and the complete annual report together with the management information circular and notice of meeting will be mailed to shareholders on or about April 11, 2017.
U.S. SHAREHOLDER INFORMATION UPDATE
Based on the results of its analysis, Automodular has concluded, for the year ended December 31, 2016, that it meets the definition of a Passive Foreign Investment Corporation ("PFIC") as defined in the Internal Revenue Code. The U.S. tax laws regarding PFICs are extremely complex and shareholders are advised to consult their own tax advisors concerning the overall tax consequences of their respective investment in, and ownership of, shares of Automodular under United States federal, state, local and foreign law. It is Automodular's intention to prepare and make available to U.S. shareholders a PFIC Annual Information Statement in order to allow U.S. shareholders to make certain tax elections. We expect that the information will be available on or about March 31, 2017 and that the information will be filed on SEDAR and posted on our website at www.automodular.com.
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