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To: Johnny Canuck who wrote (40183)	9/3/2003 1:30:40 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69306

Atlas Cold Storage shares hit by restatement Last Updated Tue, 02 Sep 2003 16:18:18 TORONTO - Units of Atlas Cold Storage Income Trust (TSX:FZR.un) fell sharply on Tuesday after the company announced the restatement of its 2001 and 2002 financial results. The units dropped $1.91 to $11.20 on the TSX. At one point earlier in the session, they slipped as low as $10.60. The trust said expenditures of approximately $3.6 million were inappropriately recorded as additions to capital assets during 2002. Audit reports said "the overstatement of net income by management was consistent with an intent to improve the financial results, including distributable cash, of Atlas," the company stated. "The in-depth review was precipitated by the receipt of a copy of an anonymous letter that contained certain allegations with respect to the 2002 financial statements of Atlas, its senior management, and certain accounting policies, procedures and controls," the company said in a release on Saturday of the Labour Day weekend. The restatement will not affect distributable cash earned and distributed for Atlas for 2003 other than the costs of the investigation, which is expected to total approximately $1.2 million, the company said