“In separate news, the Company confirmed today that the report of the Company’s independent public accounting firm on its audited consolidated financial statements for the seven month period ended December 31, 2011 and for the year ended May 31, 2011, as filed with certain Canadian regulatory authorities and with the United States Securities and Exchange Commission in the Company’s annual report on Form 40-F, on March 26, 2012, contained an “emphasis of matter” paragraph in relation to a going concern explanatory note. The note did not modify the report of the independent auditor, but instead draws attention to Note 1 of the Company’s audited consolidated financial statements which describe certain material uncertainties related to the ability of the Company to continue as a going concern. Under rules of the NYSE Amex the inclusion of such a paragraph is required to be announced. As disclosed in Note 1 to the Company’s audited consolidated financial statements, the Company’s current working capital is considered sufficient to fund its operations and exploration program for the current fiscal year.”
So the next time you hear the Canuck regulatory people patting themselves on the back and telling everyone all about their wonderful, transparent markets, treat yourself to a snort, a guffaw and a recall of this post. And hey wow, isn’t is lucky that ITH had other news to announce today and that they could bury that on paragraph five of a five paragraph NR? dyodd.