SOURCE: Biomass Secure Power Inc.

March 29, 2011 13:55 ET

Biomass Secure Power Inc. Restates Financials

ABBOTSFORD, BC--(Marketwire - March 29, 2011) - Biomass Secure Power Inc (OTCQB: BMSPF) (PINKSHEETS: BMSPF) announced that as a result of a review being conducted by staff of the British Columbia Securities Commission ("BCSC") related to the Company's Application for Revocation of the cease trade order dated November 20, 2009, the Company has been requested by BCSC to advise the investing public that certain note disclosures, in the Company's June 30, 2010 audited annual financial statements, September 30, 2010 unaudited interim financial statements, and December 31, 2010 unaudited interim financial statements, contain material misstatements. Further, the related disclosures and discussions in the Management Discussions and Analysis for those periods contain the same material misstatements. Readers are advised that those financial statement and MD&A filings should not be relied upon.

Those previously filed documents contain inadequate disclosures as follows:

1. Note 5 - Merger Agreement with 0625920 BC Ltd. - with respect to shares to be issued to shareholders of 0625920 BC Ltd. and related party disclosure;

2. Note 9 - Commitment to Issue Stock - with respect to the Merger Agreement, shares to be issued to directors and officers and related party transactions; and

3. As a result of the issuing of amended financial statements subsequent event disclosure is required to be included in the amended financial statements.

The Company is currently preparing the required revisions for review by the BCSC and the Company's auditors prior to filing. At the present time the Company expects to file the amended documents by March 31, 2011. The amended documents will be filed on SEDAR and EDGAR.

The Company will appoint a qualified accountant as Chief Financial Officer. The Company is currently negotiating with a Chartered Accountant regarding this appointment. Mr. Carroll has resigned as CFO effective upon the announcement of the appointment of a new CFO.

Contact Information

  • Biomass Secure Power, Inc.
    Jim Carroll
    Phone: 604-807-4957