TORONTO, ONTARIO--(Marketwired - Aug 1, 2013) - MCW Energy Group (TSX VENTURE:MCW) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, announced today that it will be refiling certain previously filed financial statements and management discussion and analysis ("MD&A").
During the three months ended May 31, 2013, MCW changed the software which it used for accounting for its fuel operations. As a result of the change, MCW identified a system error in its previous software which resulted in the excise taxes and environmental fees charged to MCW by its suppliers being included in sales and the excise taxes and environmental fees collected by MCW from customers being included in cost of sales. These amounts, which were identical, amounted to $14,406,196 and $30,065,522 for the three months and six months ended February 28, 2013, and $11,979,923 and $24,031,125 for the three and six months ended February 28, 2012, and $15,659,326 for the three months ended November 30, 2012, and $12,051,203 for the three months ended November 30, 2011. The Company is in the process of obtaining the necessary information for the years ended August 31, 2010, 2011 and 2012.
MCW will restate and refile its financial statements and MD&A for the three months ended November 30, 2012 and for the three and six months ended February 28, 2013, previously filed on SEDAR, to exclude these amounts from the net sales and cost of goods sold for fuel operations for these periods. MCW will also restate and refile its financial statements and MD&A for the years ended August 31, 2010, 2011 and 2012, previously included in a disclosure document filed on SEDAR on October 11, 2012, to exclude the amounts for those periods.
These changes are not expected to affect MCW's previously reported gross profit from fuel operations and the results of operations.
About MCW Energy Group:
MCW Energy Group Ltd. is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for over 72 years, having revenue in the fiscal year ending August 31, 2011, of $241.5 million, most recently reported having revenue of $363.3 million for the fiscal year ending August 31, 2012 and, (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience.
In this news release all references to "$" refer to U.S. dollars.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward‐looking statements in this news release, include, but are not limited to the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW. Any number of important factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although MCW believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
