Zongshen PEM Power Systems Inc.

Zongshen PEM Power Systems Inc.

April 04, 2011 23:30 ET

Zongshen PEM Files an Amended Management Discussions and Analysis

No Impact on Audited Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) - Zongshen PEM Power Systems Inc. (TSX:ZPP) ("ZPP" or the "Company"), announced today it has re-filed an amended Management Discussions and Analysis ("MD&A") for the year ended December 31, 2010 to correct the fourth quarter earnings per share ("EPS"). The fourth quarter 2010 EPS was incorrectly listed as $0.03 per share on page 13 of the MD&A and on page 3 of the 2010 year-end earnings press release dated March 31, 2011. The correct EPS figure is $0.01 per share. However, if certain one-time costs related to the acquisition were excluded from the fourth quarter earnings the EPS would be $0.03. An amended MD&A has been filed on SEDAR. The correction does not affect the fourth quarter 2010 revenue, profit or EBITDA or 2010 annual financial results.

Revised fourth quarter 2010 table:

  Q4 2010   Q4 2010  
  Previously   Restated  
Revenue $ 75,107   $ 75,107  
Cost of goods sold   (65,235 )   (65,235 )
Gross margin   9,872     9,872  
Net income (loss)   1,381     1,381  
EPS   0.03     0.01  
EBITDA   5,388     5,388  
Units shipped   139,000     139,000  
(numbers in 000's, except for earnings per share (EPS) and shipment number)

About Zongshen PEM Power Systems Inc.

Zongshen PEM Power Systems Inc. is a public company trading under the symbol ZPP on the Toronto Stock Exchange. The Company manufactures gas motorcycles, electric motorcycles, electric bicycles and other e-vehicles in China for the Chinese domestic and international markets. Zongshen PEM Power System's largest shareholder is Zongshen Industrial Group, one of China's largest manufacturers and distributors of engines and power equipment.

Contact Information

  • Zongshen PEM Power Systems Inc.
    Michael Cheung
    VP of Business Development & Investor Relations
    (604) 687-7908
    Zongshen PEM Power Systems Inc.
    Frank Chen
    Chief Financial Officer
    (604) 687-7908
    (604) 677-7008 (FAX)