Blue Horizon Industries Inc
CNSX : BH

Blue Horizon Industries Inc

March 08, 2012 18:18 ET

Blue Horizon Announces Re-filing of Interim Financial Statements and Interim MD&A

CALGARY, ALBERTA--(Marketwire - March 8, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that the Corporation has filed on SEDAR amended and restated interim financial statements and interim MD&A for the interim period ended October 31, 2011, due to a review by the Alberta Securities Commission ("ASC") in connection with the Corporation's financial disclosure. On March 6, 2012, the ASC issued a cease trade order against the Corporation for failure to file the interim financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"). Blue Horizon has amended the interim financial statements and MD&A to properly reflect the change in presentation from Canadian Generally Accepted Accounting Principles to IFRS and to revise and correct how the consolidation associated with the reverse takeover by Blue Horizon Energy Inc. of Blue Horizon Industries Inc. (formerly MLB Industries Inc.) was handled in the notes to the interim financial Statement of Financial Position, as at October 31, 2011 and the Statement of Comprehensive Loss for the period ended October 31, 2011 as well as in the associated MD&A. The related explanations for the transitional adjustments have also been revised. It is important to note that the amended and restated Consolidated Statement of Financial Position and MD&A reflect the following material changes versus the previously filed Statement of Financial Position, as at October 31, 2011 and the associated MD&A; share capital $7,163,134 versus $12,759,466; deficit of $8,310,488 versus $14,063,680; contributed surplus $738,539 versus $906,913 and warrants $33,036 versus $21,936, representing a net change of $414 in shareholders' deficit, after consideration of the non-controlling interest reclassification, which resulted from other immaterial changes. The amended and restated Statement of Comprehensive Loss for the period ending October 31, 2011 contains no material changes. The Corporation is focused on working diligently with the ASC to have the cease trade order rescinded as quickly as possible.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the Canadian National Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blue Horizon Industries Inc.
    Donald Allan
    President & CEO
    (403) 340-0864