CALGARY, ALBERTA--(Marketwired - Apr 25, 2013) - Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Company") announces that it intends to restate and re-file its interim financial reports and management's discussion and analysis as at and for the interim periods ended March 31, 2012, June 30, 2012 and September 30, 2012 (the "2012 Interim Filings"). As a result of the re-statement, the Company anticipates that the filing of the Company's audited annual financial statements and management's discussion and analysis as at and for the year ended December 31, 2012 (the "2012 Annual Filings") will be delayed beyond the April 30, 2013 filing deadline.
The Company has determined that, based on its own review and according to the recommendation of its advisors, that it will restate its 2012 Interim Filings. The basis for the restatement relates to the reporting for the Company's Mexican construction business, which is included in the reporting segment referred to as "Pipes and Service". In accordance with IAS18, the Company has determined that certain of its reported gross revenues and cost of sales, from the Mexican construction business, are more appropriately combined and reported as net revenue. Accordingly, the Company advises that the presentation of gross revenue and costs of sales, individually, as presented in the 2012 Interim Filings should not be relied upon.
The Company's board of directors, audit committee and management are focused on working diligently with their advisors to more specifically quantify and complete the restatements required in the 2012 Interim Filings. Upon completion of these efforts, the Company will re-file its 2012 Interim Filings and, concurrently therewith or thereafter, will file its 2012 Annual Filings.