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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (11862)	7/13/2003 7:06:14 PM
From: scion	Respond to of 19428

Las Cristinas Crystallex trading halted by Canada British Columbia Securities Commission In news from Toronto (Canada) this Wednesday morning, the British Columbia's Securities Commission says it has slapped a cease trade order on Crystallex International (KRY) "because of issues regarding the miner's financial statements." Crystallex's 2002 year-end statement included restated figures for 2000-2001 and did not meet generally accepted accounting principles, the commission said adding that Crystallex's own accountants found accounting errors during a review of its hedge book over the past three years. The Cease Trade Order comes under Section 164 of the Canadian Securities Act. A statement says that Crystallex filed audited financial statements for the year ended December 31, 2002 in May 20, 2003, including restated comparative amounts for the years ended December 31, 2000 and 2001. "The financial statements are not in accordance with generally accepted accounting principles as required by section 3(3) of the Securities Rules, B.C. Reg.194/97 (the Rules). Crystallex has informed the British Columbia Securities Commission that they are reviewing their hedge book accounting for the years ended December 31, 2000, 2001, and 2002 and have identified accounting errors. Under section 164 (1) of the Act, the Executive Director orders that all trading in the securities of the Company cease until: 1. The Company prepares and files amended financial statements for the year ended December 31, 2002 including amended comparative amounts for the years ended December 31, 2000 and 2001, that comply with generally accepted accounting principles as required by section 3(3) of the Rules, and 2. the Executive Director makes an order under section 171 of the Act revoking this order after considering that it would not be prejudicial to the public interest. Crystallex shares had been halted at Canadian $2.09 ($1 = C$1.37) on the Toronto Stock Exchange (TSX) on Tuesday evening when the exchange said it would extended its review of Crystallex and its eligibility for listing until July 16. In late Wednesday breaking news: Crystallex International Corporation announced that it expects to restate its financial statements for 2000, 2001 and 2002 as soon as it and its auditors, Deloitte & Touche, complete a review of the company’s accounting for forwards and written call options for those years. Crystallex and Deloitte & Touche are working to quantify the adjustments that will be required to the financial statements for those years. Crystallex says it has advised Canadian and US securities regulators and relevant stock exchanges of this anticipated restatement. The British Columbia Securities Commission had issued an order to cease trading (see above) pending the filing of the restated financial statements. The Ontario Securities Commission has issued a similar order and the Toronto Stock Exchange and the American Stock Exchange have halted trading in the Crystallex common shares while extending until July 16 its previously announced review of the company. to SEARCH all of VHeadline.com's editorial pages: vheadline.com