Unitech Energy Resources Inc.

Unitech Energy Resources Inc.

September 01, 2010 16:38 ET

Unitech Energy Resources to Restate Financial Statements

CALGARY, ALBERTA--(Marketwire - Sept. 1, 2010) - Unitech Energy Resources Inc. ("Unitech" or the "Company") (TSX VENTURE:URX) announces that, due to the recent discovery of an accounting error, the Company believes it will be required to restate its audited financial statements for the year ended December 31, 2009 and interim unaudited financial statements for the three months ended March 31, 2010 to increase revenues by approximately $300,000 cumulative. 

The Company made every effort to file its financial statements for the interim period ended June 30, 2010 (the "Q2 Financial Statements") on or before the prescribed filing deadline pursuant to National Instrument 51-102; however, given the anticipated necessity to restate its financial statements in a very short time frame, it became apparent that no amount of effort would enable the Company to file on time. In light of the foregoing, Unitech made an application to the applicable securities commissions for the imposition of a Management Cease Trade Order, rather than an Issuer Cease Trade Order, as contemplated under National Policy 12-203.

The Company expects that it will require less than two weeks in order to complete the necessary work to restate its financial statements and Unitech intends to have the Q2 Financial Statements filed within two weeks of its filing deadline. Further, Unitech intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and filing of the Company's Q2 Financial Statements and the restatement of the Company's audited financial statements for the year ended December 31, 2009 and interim unaudited financial statements for the three months ended March 31, 2010. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: failure to obtain industry partner and other third party consents and approvals (including, without limitation, the approval of the Company's auditors), if and when required; the need to obtain required approvals from regulatory authorities; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the 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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