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Urban Select Capital Corporation: Interim Financial Statement Clarification


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© Marketwire 2012
2012-12-21 01:04:00 -

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/20/12 -- Urban Select Capital Corporation (TSX VENTURE:CH) (the "Company") announces that, as a result of a continuous disclosure review by the British Columbia Securities Commission, the Company is issuing the following to clarify the filing of its interim unaudited consolidated financial statements for the periods ending September 30, 2011, December 31, 2011 and March 31, 2012.



The Company has filed on SEDAR its annual consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") for the year ended June 30, 2012 and 2011; however the Company filed its unaudited interim consolidated financial statements prepared in accordance with Canadian Generally Accepted Accounting Policies ("CGAAP") for the periods ending September 30, 2011, December 31, 2011 and March 31, 2012. The Company was under the impression that it could defer implementation of IFRS on the basis that it was considered an investment fund as defined by the Securities Act (British Columbia) for the purposes of preparing the unaudited interim financial statements. During the preparation of the year end statements the Company determined it did not meet the definition of an investment fund. As a result the unaudited interim consolidated financial statements for the periods referenced above did not comply with National Instrument 52-107 and should have been reported in accordance with IFRS. However, the Company decided not to restate the consolidated financial statements referenced above because the differences between reporting under IFRS and CGAAP were not significant and did not result in any materially significant additional disclosure.


The Company consolidated financial statements for the period ended September 30, 2012 have been prepared in accordance with IFRS and the comparative figures restated accordingly.


About Urban Select Capital Corporation


Urban Select Capital Corporation is an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including renewable energy, natural resources, chemicals, agriculture and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.


Neither the 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.


Contacts:

Urban Select Capital Corporation

David Yoo

Chief Financial Officer and Corporate Secretary

(604) 689-0618



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