Health & Fitness
Health and Fitness
Health and Fitness
Thu, October 6, 2011
Wed, October 5, 2011
Tue, October 4, 2011
Mon, October 3, 2011
EDMONTON, Oct. 3, 2011 /CNW/ - Medwell Capital Corp. (TSX-V: MWC) today announced that the Company will present its financial statements in accordance with International Financial Reporting Standards ("IFRS").
The Company does not expect that adoption of IFRS will have a significant effect on the Company's consolidated financial statements.
The Company had applied to the Alberta Securities Commission ("ASC"), for exemptive relief to continue reporting its financial statements using Canadian Generally Accepted Accounting Principles ("Canadian GAAP"), specifically CICA Accounting Guideline 18, Investment Companies. The Company was notified on September 29, 2011, that the exemptive relief sought was not granted by the ASC. For comparison purposes the transition date to adopt IFRS for companies with a December 31 year end is January 1, 2010.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based merchant bank that provides of capital and advisory services to the healthcare industry. For further information please visit [ www.medwellcapital.com ].
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. This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
