|By PR Newswire||
|April 9, 2014 07:15 PM EDT||
TORONTO, April 9, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem" as the "Company") announces corrections to its Management Discussion and Analysis for the 12 month period ending December 31, 2013 (MD&A) filed on SEDAR on March 31, 2014. These corrections are typographical in nature and do not involve changes to the audited financial statements.
The corrections to the MD&A and press release dated March 31, 2014 are as follows:
- On page 4 of MD&A, the second line of the fourth bullet point under highlights was changed from "fourth quarter to negative $35.8 million compared with negative $8.1 million" to "fourth quarter to negative $34.3 million compared with negative $8.1 million".
- On page 4 of MD&A, the second line of the third bullet point under highlights was changed from "obtained additional $97.5 million in loans in the quarter" to "obtained additional $4.7 million in net new loans in the quarter".
- On page 6 of MD&A, Q4 2013 Net Income was changed from (35, 809) to (40,957).
- On page 6 of the MD&A, Q4 EBITDA was changed from (35,806) to (34,317)
- On page 7 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
- On page 7 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
- On page 14 of MD&A, Q4 2013 amortization was changed from 2,134 to 3,627.
- On page 14 of MD&A, Q4 2013 EBITDA was change from (35,806) to (34,317) and the percentage change in EBITDA was changed from -341.0% to -322.7%.
- On page 14 of MD&A, Q4 2013 EBITDA before stock based compensation was changed from (35,806) to (32,313) and the change in EBITDA before stock based compensation was changed from -342.5% to -299.4%.
- On page 14 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
- On page 14 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
- On page 15 of MD&A, decrease in cash and restricted cash was changed from $3.4 million to $1.8 million.
- On page 16 of MD&A, the total contract price in Changtu is changed from $20.6 million to $22.6 million.
- The amended Summary Financial Statements from the press release dated March 31, 2014 is provided below (to view the markup version please refer to the version of the Press Release filed today on SEDAR);
SUMMARY FINANCIAL STATEMENTS
in thousands of Canadian
dollars except per share and
|Three Months Ended||Twelve Months Ended December 31|
|31/12/13||31/12/12||% Change||2013||2012||% Change|
|Gross margin (% of Sales)||-13.4%||-13.0%||-5.3%||-6.3%|
|Income (loss) from operations||(7,938)||(10,588)||25.0%||(28,826)||(32,450)||11.2%|
|Other income (expense)||(33,378)||(1,331)||-2407.7%||(42,876)||(6,306)||-579.9%|
|Income (recovery) taxes||(358)||2,446||n/a||809||523||54.7%|
|EBITDA before stock-based compensation||(34,313)||(8,091)||-299.4%||(43,373)||(23,497)||-84.6%|
|Earnings per share|
|Weighted average number of shares|
The revised MD&A together with the Form 52-109F1 certifications have been filed on SEDAR together with a cover letter explaining the corrections.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of processing corn into cornstarch, germ and gluten for sale to the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 1.5 million tones of corn per year.
This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Asia Bio-Chem Group Corp.
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 04:00 AM EST Reads: 759
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
Dec. 18, 2014 03:00 AM EST Reads: 765
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session a...
Dec. 17, 2014 11:15 PM EST Reads: 1,209
"Ulunsoft is a start-up that focuses on how enterprises build cloud-based IT infrastructure for business," explained Haibo Zhu, President of Ulunsoft Corp, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 1,060
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in San...
Dec. 17, 2014 11:00 PM EST Reads: 1,285
As enterprises engage with Big Data technologies to develop applications needed to meet operational demands, new computation fabrics are continually being introduced. To leverage these new innovations, organizations are sacrificing market opportunities to gain expertise in learning new systems. In his session at Big Data Expo, Supreet Oberoi, Vice President of Field Engineering at Concurrent, Inc., discussed how to leverage existing infrastructure and investments and future-proof them against e...
Dec. 17, 2014 10:00 PM EST Reads: 1,318
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 09:00 PM EST Reads: 737
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 1,254
"Desktop as a Service is emerging as a very big trend. One of the big influencers of this – for Esri – is that we have a large user base that uses virtualization and they are looking at Desktop as a Service right now," explained John Meza, Product Engineer at Esri, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 07:00 PM EST Reads: 1,434
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 17, 2014 06:30 PM EST Reads: 1,142
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 06:00 PM EST Reads: 1,109
"Application monitoring and intelligence can smooth the path in a DevOps environment. In a DevOps environment you see constant change. If you are trying to monitor things in a constantly changing environment, you're going to spend a lot of your job fixing your monitoring," explained Todd Rader, Solutions Architect at AppDynamics, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 04:00 PM EST Reads: 1,484
AppDynamics, the application intelligence leader for software-defined businesses, announced the general availability of the AppDynamics Fall '14 Release. Serving the combined needs of IT and business teams across the enterprise, the latest release provides a comprehensive view across all aspects of digital performance in ultra large scale deployments. AppDynamics delivers Application Intelligence by building out advanced capabilities across the key areas of analytics, unified monitoring and D...
Dec. 17, 2014 01:30 PM EST Reads: 655
In addition, Tesora adds the popular enterprise distribution from Mirantis to the Tesora OpenStack Database Certification Program ensuring compatibility with both NoSQL and SQL database management systems on Trove and eliminating the headache of enterprises having to test integration on their own. "We're providing Mirantis customers with the most production-ready OpenStack Trove implementation, saving the work and time necessary to ensure compatibility," said Ken Rugg, CEO of Tesora. "Working...
Dec. 17, 2014 12:30 PM EST Reads: 623
Docker containerization is gaining rapid popularity with Software-as-a-Service (SaaS) developers because of clear benefits such as simplified and continuous app delivery. Enterprise developers also want to leverage Docker for easy provisioning and efficient testing, but IT has unique needs that Docker does not solve out-of-the-box, such as security and access control, supporting heterogeneous infrastructure, apps and app stacks, backup and recovery, visibility and monitoring, and integration. Ho...
Dec. 17, 2014 12:15 PM EST Reads: 677