IND DAIRYTECH LIMITED ANNOUNCES CHANGE IN FINANCIAL YEAR END
02 Février 2011 - 1:10AM
PR Newswire (Canada)
VANCOUVER, Feb. 1 /CNW/ -- VANCOUVER, Feb. 1 /CNW/ - IND DairyTech
Limited ("IND" or "the Company") (TSXV:IND) announces that it has
changed its financial year end from December 31 to March 31 in
order to avoid having the annual financial statement audit occur
during the annual Chinese spring festival holiday. As a result of
this change, the Company will have a transitional 15-month
financial year ending March 31, 2011. The Company will file
unaudited interim consolidated financial statements for the period
ended December 31, 2010. For details regarding the length and
ending dates of the financial periods, including the comparative
periods of the interim and annual financial statements to be filed
for the Company's transition year and its new financial year,
reference is made to the Notice of Change in Fiscal Year End filed
by the Company on SEDAR pursuant to National Instrument 51-102, a
copy of which is available electronically at www.sedar.com. About
IND DairyTech Limited IND, through its operating subsidiaries, is
an emerging raw milk and Holsteins producer in China that is
seeking to become a leading provider of high quality raw milk and
Holsteins to the Chinese dairy industry. To meet China's increasing
demand for dairy products, the Company is using Canadian cattle
genetics and North American farming practices to establish and
develop its dairy herd in China. The Company plans to develop its
herd in China through the use of advanced breeding techniques
employing Canadian Holstein embryos that it intends to use to
impregnate surrogate cows. These embryos have been created through
in vitro fertilization using sexed semen to achieve an approximate
90% female birth rate. The use of these advanced breeding
techniques is expected to allow the Company to rapidly expand its
herd. The use of Canadian Holstein embryos also provides a
practical solution to China's ban on the import of live Canadian
cattle. The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION Certain information set out in this
News Release constitutes forward-looking information, which may
include information relating to estimates of sales and revenue of
IND. Forward-looking statements (often, but not always, identified
by the use of words such as "expect", "may", "could", "anticipate"
or "will" and similar expressions) may describe expectations,
opinions or guidance that are not statements of fact and which may
be based upon information provided by third parties.
Forward-looking statements are based upon the opinions,
expectations and estimates of management of the Company as at the
date the statements are made and are subject to a variety of known
and unknown risks and uncertainties and other factors that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. In light
of the risks and uncertainties associated with
forward-looking statements, readers are cautioned not to place
undue reliance upon forward-looking information. Although the
Company believes that the expectations reflected in the
forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
The forward-looking statements of the Company contained in this
press release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/01/c7134.html
table valign="top" border="0"tr valign="top"td align="left"Jesse
Zhubr/ Chief Executive Officerbr/ IND DairyTech Limitedbr/
604-522-1619/td td align="left" /td td align="left" /td
td align="left" /td td align="left" /td td
align="left" /td td align="left"Selen Zhoubr/ Corporate
Secretarybr/ IND DairyTech Limitedbr/ 604-522-1619/td/tr/table
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