JJR VI ACQUISITION CORP. ANNOUNCES RESTATEMENT AND REFILING OF ITS JUNE 30,
2010 AND SEPTEMBER 30, 2010 UNAUDITED FINANCIAL STATEMENTS
TSX VENTURE EXCHANGE: JVI.P
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./
TORONTO, Dec. 15 /CNW/ - JJR VI Acquisition Corp. ("JJR VI") has restated and re-filed its unaudited interim financial statements and management's discussion and analysis for the six month period ending June 30, 2010 and nine month period ending September 30, 2010.
The restatement of JJR VI's interim financial statements resulted from management's identification of non-cash accounting errors in its interim financial statements. The corrections relate to JJR VI's reporting of legal fees incurred in connection with its proposed qualifying transaction as deferred charges rather than expensing when occurred.
As a result of these corrections JJR VI's net loss for the six and three months periods ended June 30, 2010 increased by $46,019, total assets as of June 30, 2010 decreased from $500,938 to $454,919, and the shareholder's equity decreased from $384,263 to $338,244. Also, JJR VI's net loss for the nine and three months periods ended September 30, 2010 increased by $72,679, total assets as of September 30, 2010 decreased from $531,348 to $412,650, and the shareholder's equity decreased from $272,518 to $153,820.
In addition, corrections have been made to confirm the consolidation ratio and to disclose the completion of the private placement by American Insurance Acquisition Inc. ("AIAI") which raised gross proceeds of approximately $8 million in Note 10 of the financial statements and the section entitled "Proposed Qualifying Transaction" in the management's discussion and analysis. In addition the financial statements and accompanying management's discussion and analysis were revised to reflect the announcement by JJR VI of its entry into an agreement and plan of merger dated December 14, 2010 among Atlas Acquisition Corp., Kingsway Financial Services Inc. and AIAI.
Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.
JJR VI is a CPC governed by the policies of the TSX Venture Exchange. JJR VI's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.
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.
For further information:
please contact Jordan Kupinsky, Director of JJR VI at 416-972-6574.
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