Liuyang Fireworks Clarifies Fiscal 2012 Year End Financial Statements Disclosure

As a result of a review by the British Columbia Securities Commission, Liuyang Fireworks is issuing the following press release to clarify its fiscal 2012 year-end financial statements disclosure.

TORONTO, July 26, 2013 /CNW/ - Liuyang Fireworks Limited (TSXV: FWK) ("Liuyang" or "the Company") announces, that at the request of the British Columbia Securities Commission, the Company has today filed amended its fiscal 2012 year-end financial statements and accompanying management discussion and analysis ("MD&A").  There are no material changes to the Company's fiscal 2012 year-end financial results previously disclosed on October 29, 2012.

The Company changed its fiscal year end from December 31 to June 30 in 2011 to better align the Company's financial reporting and business cycles to those of its customers and suppliers. Since the transition year, which is 2011, is less than nine months in length, the Company is required under Section 4.8(6) of National Instrument 51-102 to include to its financial statements for June 30, 2012, the financial information for the short fiscal period ended June 30, 2011 and the year ended December 31, 2010. The amendment is intended to satisfy the aforementioned regulatory requirement.

The amended filings also provide further clarification in the notes to the financial statements and further discussion on the Company's operations in the MD&A. The amended documents have been filed on SEDAR (www.sedar.com).

About Liuyang Fireworks Limited

Liuyang Fireworks Limited is a leading China-based manufacturer of fireworks distributed both domestically and within more than 15 countries in North America, South America and Europe.  The Company has more than 17 years of experience in the fireworks industry and is a supplier to the world's top five fireworks wholesalers and retailers. Liuyang's ISO9001-certified manufacturing facilities are located in the Liuyang area of Hunan, China, where more than half of the world's fireworks are produced.

Forward-Looking Statements

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date.  Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date.  While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities legislation.

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.

SOURCE: Liuyang Fireworks Limited

Jacky Long
Chief Financial Officer
Liuyang Fireworks Limited
Tel : [phone]
[email protected]