Woodfine Professional Centres Limited Partnership



July 19, 2013 17:07 ET

Woodfine Professional Centres Limited Partnership Announces Refiling of Financial Statements and Management Discussion and Analysis

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 19, 2013) - Woodfine Professional Centres Limited Partnership (the "Partnership") announces the refiling of financial statements and management discussion and analysis for the periods from formation August 17, 2012 to December 31, 2102 and from January 1, 2013 to March 31, 2013.

The December 31, 2012 audited financial statements of the Partnership have been amended to recognize share based compensation related to certain units which will be issued at a discount upon closing of an offering of units of the Partnership. Narrative disclosure and details are included in Note 2 of the December 31, 2012 audited financial statements.

The substance of the amendment is based on the recognition of the fair value of the units on a "Straight Line" bases over the vesting period as a non-cash transaction, and is as follows:

Shareholders Equity
As originally
filed
Amendment As
Amended
Partners' Capital $ 100 - $ 100
Share based payment reserve - $ 554,192 $ 554,192
Deficit - (554,192 ) (554,192 )
Total $ 100 - $ 100

The March 31, 2013 interim unaudited financial statements of the Partnership have been amended to recognize share based compensation related to certain units which will be issued at a discount upon closing of an offering of units of the Partnership. Narrative disclosure and details are included in Note 2 of the March 31, 2013 interim unaudited financial statements.

The substance of the amendment is based on the recognition of the fair value of the units on a "Straight Line" bases over the vesting period as a non-cash transaction, and is as follows:

Shareholders Equity
As originally
filed
Amendment As
Amended
Partners' Capital $ 100 - $ 100
Share based payment reserve - $ 366,744 $ 366,744
Deficit - (366,744 ) (366,744 )
Total $ 100 - $ 100

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