|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.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jan. 19, 2017 06:30 PM EST Reads: 6,313
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Jan. 19, 2017 05:30 PM EST Reads: 3,624
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 19, 2017 05:15 PM EST Reads: 3,099
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 19, 2017 05:15 PM EST Reads: 1,286
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 19, 2017 04:45 PM EST Reads: 3,754
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 19, 2017 04:45 PM EST Reads: 3,470
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 04:15 PM EST Reads: 5,402
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Jan. 19, 2017 04:00 PM EST Reads: 5,427
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 19, 2017 03:45 PM EST Reads: 1,790
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 19, 2017 03:30 PM EST Reads: 1,031
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 19, 2017 02:15 PM EST Reads: 1,055
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
Jan. 19, 2017 02:00 PM EST Reads: 4,780
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 19, 2017 01:15 PM EST Reads: 5,161
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 19, 2017 01:15 PM EST Reads: 3,532
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 19, 2017 01:15 PM EST Reads: 5,668