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Published in House and Home on Tuesday, February 1st 2011 at 16:15 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
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.
