Danbel Industries Corporation

July 27, 2011 09:42 ET

Danbel Files Revised Interim Financial Report

TORONTO, ONTARIO--(Marketwire - July 27, 2011) - Danbel Industries Corporation (the "Company") has filed a revised Interim Financial Report for the period ended March 31, 2011. The revised Interim Financial Report includes information required by International Financial Reporting Standards ("IFRS") which management believes will make the statements easier to read and will allow shareholders to see how the transition to IFRS affects the Company. This revised Interim Financial Report, which was not reviewed by the Company's auditor, now includes:

  • a opening statement of financial position as at January 1, 2010 prepared using IFRS.
  • statement of changes in equity for the three month periods ended March 31, 2011 and 2010
  • statements of comprehensive income for the three month periods ended March 31, 2011 and 2010
  • additional note disclosure addressing significant accounting policies

The Company's date of transition to IFRS was January 1, 2011. Quarterly financial statements for the quarter ended March 31, 2010 were restated using IFRS. The application of IFRS had no impact on the quarterly financial statements of the Company.

Update on Shareholders' Meeting

At the annual and special meeting (the "Meeting") of the shareholders of the Company held on June 3, 2011, Leslie L. Bresge, Gabriel Nachman, Barry M. Polisuk and Michael S. Singer were reelected as directors of the Company.

Additionally, at the Meeting shareholders authorized the directors of the Company, at their discretion, to consolidate the common shares of the Company on the basis of one (1) new common share for every ten (10) existing common shares or such lesser number of existing common shares as may be determined by the directors of the Company and approved by regulators.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Contact Information

  • Danbel Industries Corporation
    Mr. Barry Polisuk
    Director
    416-869-1234