BFS Announces Intention for Late Filing of Interim Financial Statements.RICHMOND HILL, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. -- BFS BFS Bundesamt Für Statistik BfS Bundesamt für Strahlenschutz (German: federal office for radiation protection) BFS Bowling for Soup (band) BFS Bankable Feasibility Study BFS British Fertility Society Entertainment & Multimedia Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BFS) announces today that following a continuous disclosure review by the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. , it will not be able to meet the deadline of January 4, 2006 for the filing of its unaudited second quarter interim financial statements and related MD&A for the period ending November 5, 2005. Additional accounting and auditing review is required to determine any necessary adjustments to the Company's current and prior two fiscal years' financial statements and related MD&A for the following: - The Company is required to provide for an allowance for overstock exchanges and stock balancing by customers in accordance with Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). under EIC 141 and Section 3400 of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook. - The Company is required to review and possibly revise its method of amortization of capitalized costs related to its Deferred Design & Development and Master Tapes expenditures to more accurately match future expected product revenues. BFS is working with its auditors as expeditiously as possible to complete the necessary work. Management expects this to be completed by January 18, 2006. Pending the filing of its unaudited interim financial statements and MD&A, BFS intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission Policy 57-603 and Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. Staff Notice 57-301. The Company will request from the applicable Canadian securities regulators that a management cease trade order related to BFS' common shares be imposed against some or all of the persons who have been directors, officers or insiders of BFS. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of BFS to trade BFS' securities. BFS Entertainment & Multimedia Limited manufactures, markets and distributes under the BFS Video and American Home Treasures video labels, a wide range of home entertainment DVDs for resale to retail and catalogues throughout North America. (SEC Rule 12g exemption #82-4245) BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion