Xianburg Data Systems Canada Corporation

September 14, 2011 13:12 ET

Xianburg Data Systems Announces Filing of Annual Financial Statements for the Year Ended December 31, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2011) - Xianburg Data Systems Canada Corporation (TSX VENTURE:XDS) (the "Company") announces that Manning Elliott LLP, Chartered Accountants, the auditor of the Company (the "Auditor"), has completed the audit of the annual financial statements of the Company for the year ended December 31, 2010 (the "2010 Audited Financial Statements") and that the Audited Financial Statements have been filed on SEDAR.

The Auditor has made some adjustments reflected in the 2010 Audited Financial Statements on some of the accounting treatment approaches (such as the valuation and recognition of intangible assets and recognition of revenues) adopted in the audited annual financial statements of Xianburg International Data Group Co., Ltd. ("XID") for the year ended December 31, 2009, which financial statements were previously contained in the Company's Filing Statement dated September 24, 2010. XID's restated financial statements for the year ended December 31, 2009 have been consolidated into the comparative annual financial statements of the Company for the year ended December 31, 2009. For more details, please refer the Management Discussion and Analysis filed on SEDAR.

The Company remains subject to a Cease Trade Order issued by the British Columbia Securities Commission and trading of its shares on the TSX Venture Exchange remains suspended. The Company is currently preparing interim financial statements for the quarters ended March 31, 2011 and June 30, 2011, and will file the same once they have been completed. The Company's Board and its management will also work with securities regulators with the goal of having the Company's shares resume trading as soon as possible.

The Company's Board of Directors wishes to thank the Company's shareholders for their patience and support over the past few months.

About Xianburg Data Systems Canada Corporation

The Company, through its wholly-owned subsidiary Xianburg Data Systems (Canada) Inc., governs and administers the operating entity XID, a Chinese based operating company, and will earn substantially all of its income from XID. XID is an IT products and services firm with offices in Xi'an and Beijing and it is recognized as a leader in China in providing mass data storage and disaster recovery IT solutions. XID's core business is data entry with a specialty of converting paper documents to electronic format (digitization) and it also manufactures high-performance, high-capacity storage systems for the archiving and publication of such documents.

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.

Contact Information

  • Xianburg Data Systems Canada Corporation
    Farhan Rhemtulla
    Director of Investor Relations