Vision Global Solutions Inc.

March 24, 2005 15:11 ET

Vision Global Solutions Inc.-Re: Restatement of Financial Statements and Refilling of Certain Continuous Disclosure Documents


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VISION GLOBAL SOLUTIONS INC.

OTC Bulletin Board SYMBOL: VIGS

MARCH 24, 2005 - 15:11 ET

Vision Global Solutions Inc.-Re: Restatement of
Financial Statements and Refilling of Certain
Continuous Disclosure Documents

MONTREAL, QUEBEC--(CCNMatthews - March 24, 2005) - Vision (OTCBB:VIGS)
(the company) wishes to advise that it is presently in default of its
filing requirements with the Ontario Securities Commission (the "OSC").
The company intends to re-file its financial statements and MD&A for the
year ended March 31, 2004.

By way of explanation, the company is a reporting company under the
Securities Act of 1933, as amended (US), and is up to date in its US
filings. In 2004, the company changed its method of accounting from
Canadian dollars and Canadian GAAP to US dollars and US GAAP, and filed
with the OSC copies of its reports to the Securities and Exchange
Commission ("SEC") containing financial statements prepared by its US
auditor under US GAAP, and related MD&A without fully addressing
differences between US and Canadian GAAP, including currency conversion
issues, accounting for intangibles, and differences in MD&A disclosure.
In December 2004, the company was randomly selected for review of its
continuous disclosure filings by the OSC, is cooperating with the OSC in
that review, and intends to re-file both its financial statements and
its MD&A reports to describe the matters listed above, and to provide
further and better disclosure of results of operations, including to
more clearly set out its procedures for revenue recognition. The company
has reviewed its prior disclosure, and is compiling text of the required
refilling. Further, while the company's US auditor is approved for
filing financial statements with the SEC, it is presently not listed on
the list of auditors approved by CPAB for filing public company
financial statements in Canada. The company intends to address this
issue as part of the process of refilling. The company has not
determined a date by which this process will be complete, in large
measure because it must either convince its auditor to become accredited
with CPAB or hire a new auditor for its Canadian audit requirements.

The company will publish a follow-up press release once the refillings
are completed.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including the company's current expectations with respect to future
market conditions; future operating results, future acquisitions and
related financing transactions, and planned debt reductions. Words such
as ''expects'', ''intends'', ''plans'', ''projects'', ''estimates'',
''may'', ''should'', and similar expressions typically identify such
forward-looking statements. Even though Vision believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include, but are not limited to, operational
difficulties, varying market conditions, government regulations, and
other factors contained from time to time in the reports filed with the
Securities and Exchange Commission by the company and its subsidiaries.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Vision Global Solutions Inc.
    Jean-Paul Ouellete
    President
    (514) 848-1166 or 1-877-807-7111