Process Capital Corp.

June 09, 2010 16:05 ET

Process Capital Corp.: Press Release

TORONTO, ONTARIO--(Marketwire - June 9, 2010) -


Process Capital Corp. (TSX VENTURE:POR) (the "Company") announces that it has filed restated Annual Financial Statements and its corresponding Management Discussion and Analysis (MD&A) for the year ending December 31, 2009. 

After review of the originally filed Financial Statements and MD&A it was determined that the comparative amounts shown in 2008 for deferred expenses and capital assets were misstated, as the write down of these assets, recorded in 2009, should have been properly recorded in 2008, as (i) the Company had decided to write-off certain non-performing assets in December, 2009, and there had been no significant change in circumstances between 2008 and 2009 (ii) the decision had been made by the Company to close its pilot refinery in 2006; and (3) engineering work was suspended in 2008 due to the lack of financial resources. 

As a result, the deficit balance end of year amounts for 2009 and 2008 in the Consolidated Statements of Earnings and Comprehensive Loss were misstated.

The restated Financial Statements reflect the write down of these deferred expenses and the carrying value of patents and impaired assets in 2008 rather than 2009, as originally filed. The net effect of the restatement is to transfer to 2008 the write downs of assets carried on the balance sheet at $1,230,176 which were recorded in 2009 in the originally filed Financial Statements. 

The Financial Statements and MD&A may be viewed on SEDAR at

Statements in this release which describe the Company's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The Company may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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