The Company incorrectly presented the use of these NOLs in its quarterly statements of operations and is now restating
these results to show the correct presentation.
The Company plans on restating
its consolidated financial statements to exclude the operations of NFS for all periods presented.
As previously announced, Connetics in the process of restating
its financial statements.
The Company began the process of restating
the financial statements impacted by EITF 00-19.
2 million net profit for the quarter included a one-time $2,000,000 non-cash gain from debt forgiveness resulting from our senior lender amending and restating
the company's term loan reducing the principal balance to $3,633,053, as reported on the company's Form 8-K on April 6, 2006.
OAKVILLE, Ontario -- Bennett Environmental ("BEI") (TSX:BEV)(AMEX:BEL) announces an update to its press release of March 6, 2006 in which BEI announced that it is restating
its annual consolidated financial statements and related interim financial statements for the fiscal years ending December 31, 2003 and December 31, 2004.
The Company reported that it intends to file, as soon as practicable, a Form 10-K/A for the fiscal year ended July 31, 2004 and Form 10-Q/A for the first and second quarter of fiscal 2005 restating
the financial statements for such periods.