VGS Seismic Canada Inc.

VGS Seismic Canada Inc.

November 24, 2006 11:15 ET

VGS Seismic Canada Files Restated Financials

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) - VGS Seismic Canada Inc. (NEX:VGS.H) (the "Corporation"), formerly known as AldeaVision Inc., announced today that it has filed with Canadian securities regulators restated interim financial statements and MD&A for the interim period ended June 30, 2006.

The restated interim financial statements and MD&A are being filed by management in order to provide additional information, as well as to correct certain arithmetical, typographical, and classification errors. This will result in the following changes:

- Total assets remain unchanged at $5.230 million.

- Total liabilities increase by $0.001 million and shareholders' deficiency decreases by $0.01 million.

- The net loss for the second quarter ended June 30, 2006 increased by $0.002 million to $1.880 million, while the six month net loss remained unchanged at $3.492 million.

In addition, the Corporation announced today that it has filed with Canadian securities regulators amended management's discussion and analysis for the year ended December 31, 2005 and amended certifications for the year ended December 31, 2005 and the interim period ended March 31, 2006 in order to comply with regulatory requirements. No changes have been made to the financial statements for these periods.

The Corporation is carrying on the business of pursuing opportunities in the creation, acquisition and marketing of seismic data for use in the oil and natural gas industry.

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of VGS Seismic Canada Inc.. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for VGS Seismic Canada Inc.'s products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • VGS Seismic Canada Inc.
    Scott Milroy
    Chief Financial Officer
    (403) 263-6050
    (403) 233-7290 (FAX)