Printer Friendly

ELECTRO-KINETIC SYSTEMS ANNOUNCES PENDING RESTATEMENT OF ITS FINANCIAL STATEMENTS FOR THE YEAR ENDED DEC. 31, 1990

 ELECTRO-KINETIC SYSTEMS ANNOUNCES PENDING RESTATEMENT OF ITS
 FINANCIAL STATEMENTS FOR THE YEAR ENDED DEC. 31, 1990
 TRAINER, Pa., May 5 /PRNewswire/ -- Electro-Kinetic Systems, Inc. (NASDAQ: EKSIA) today announced a pending restatement of its financial statements for the year ended Dec. 31, 1990, to report a non-cash transaction to reverse a previously recorded gain on issuance of stock of its Asian affiliate, EKSERA Technologies, Inc. (formerly EKS Asia, Ltd.) during 1990.
 It is expected that an adjustment will be made to the 1990 statements, resulting in an increase in net loss and a corresponding decrease in total shareholders' equity of approximately $230,000, along with a corresponding reduction in the carrying amount of the investment in the affiliate. The foregoing statement will not inhibit the company from achieving its long-term goals, the company said.
 Final audited figures for 1991 are currently in preparation, and should be available shortly.
 Electro-Kinetic Systems, Inc. is engaged in the development, production, and sale of composite materials for military and commercial markets. DMA-RADTECH, Inc., a wholly owned subsidiary, performs a wide spectrum of radionuclide analysis including those specifically covered under the U.S. Environmental Protection Agency's Safe Drinking Water Act of 1986 and its amendments. DMA-RADTECH, Inc. also performs radon-in- air measurements using proprietary methods under various U.S. patents.
 /delval/
 -0- 5/5/92
 /CONTACT: Christopher Emmi of Electro-Kinetic Systems, 215-497-4660/
 (EKSI) CO: Electro-Kinetic Systems, Inc. ST: Pennsylvania IN: SU:


LJ-CC -- PH031 -- 6705 05/05/92 15:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1992
Words:244
Previous Article:MITSUBISHI ECLIPSE SALES SET NEW COMPANY RECORD; EMPHASIS ON AMERICAN-BUILT PRODUCTS SEES 16 PERCENT INCREASE
Next Article:GOLDEN CORRAL REALTY CORPORATION FIRST QUARTER 1992 RESULTS OF OPERATIONS


Related Articles
ELECTRO-SENSORS REPORTS RESULTS
ACTON CORPORATION ANNOUNCES UNAUDITED RESULTS OF OPERATIONS
BUSINESS RECORDS CORPORATION ANNOUNCES CHANGE IN ELECTION ACCOUNTING PROCEDURE WILL RESULT IN REDUCTION IN ANTICIPATED EXPENSES DURING 1992
UC'NWIN SYSTEMS LTD. REPORTS RESULTS
RLI CORP. ANNOUNCES RESTATEMENT OF FINANCIAL RESULTS
ELECTRO-KINETIC SYSTEMS ACQUIRES EKS GROUP
ELECTRO-KINETIC SYSTEMS ANNOUNCES ACQUISITION
Opticare Announces Its Expected Restatement of 2003 Financial Statements to Reflect the Reclassification of Its Long Term Debt, The Amended Terms of...
TDS and U.S. Cellular Further Delay Reporting Third Quarter 2005 Results.
Federal Home Loan Bank of Atlanta Files Form 10 With SEC, Releases 2005 Year-end Financial Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters