International Road Dynamics Inc.

International Road Dynamics Inc.

March 04, 2009 16:44 ET

IRD Delays Filing of 2008 Financial Results

SASKATOON, SASKATCHEWAN--(Marketwire - March 4, 2009) - International Road Dynamics Inc. (TSX:IRD) (IRD), the world's largest provider of Weigh-In-Motion systems and solutions for the global Intelligent Transportation Systems (ITS) market, today announced it will delay the filing of its financial statements and management's discussion and analysis (MD&A) of its operating results and financial position for the three months and year ended November 30, 2008. The Company believes it will file this information on or before March 20, 2009.

In addition, during the course of the audit of its financial statements for the year ended November 30, 2008 the Company determined that it had incorrectly included in equity earnings it's reporting of currency gains on translation of its investment in Xuzhou-PAT Control Technologies (XCPT) in the first three quarters of fiscal 2008. These translation gains should have been reported as other comprehensive income rather than as part of net earnings. In addition, certain expenses in the second quarter of 2008 were understated. Full details of the quarterly restatements will be disclosed in the Company's MD&A. The Company expects to issue the restated financial statements for the first three quarters of 2008 as soon as possible.

Certain statements in this discussion may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of International Road Dynamics Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this discussion, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Corporation with the securities regulatory authorities in applicable provinces and territories of Canada. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Corporation to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.

The Company's shares trade on the Toronto Stock Exchange under the symbol IRD.

Contact Information

  • International Road Dynamics Inc.
    Terry Bergan
    President & CEO
    (306) 653-6600 or U.S. (303) 355-5998
    International Road Dynamics Inc.
    Francine Senecal-Lepage
    Investor Relations
    (306) 653-6603
    (306) 653-6609 (FAX)