MP Western Properties Inc.

November 29, 2006 13:34 ET

MP Western Properties Inc. Announces Restatement of Second Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - MP Western Properties Inc. (NEX BOARD:MPW.H), a Vancouver-based real estate company, announces that the June 30, 2006 financial statements have been restated. The real estate assets transferred from Madison Pacific Properties Inc., a related party should have been recorded at the transferor's carrying value in accordance with Section 3840 of the Canadian Institute of Chartered Accountants' handbook. The relevant section came into effect January 1, 2006. The real estate properties were previously recorded at market value in accordance with the vend-in agreement. The effect of the restatement is to reduce the book value of real estate properties by $41,057,000. In addition, a future income tax benefit of $9,536,000 has been recognized in the restated June 30, 2006 financial statements which has increased net income by $7,801,000.

Contact Information

  • MP Western Properties Inc.
    Mr. Alan Firth
    (604) 732-6540
    MP Western Properties Inc.
    Mr. Thor Olsen
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)