BURNABY, British Columbia – May 1, 2013 – LED Medical Diagnostics Inc. (“LED Medical, the Company”) today announced that it will not be in a position to file its audited financial statements, management’s discussions and analysis and related certifications for the fiscal year ended December 31, 2012, on or before April 30, 2013, as required, due to the determination in consultation with its new auditor that LED must revise its previously reported financial statement information. The restatement is due to a change in the Company’s functional and reporting currency to United States dollars from Canadian dollars and a revision to LED’s prior revenue recognition policy pertaining to the sales of its product in fiscal 2011 and 2012 to its then exclusive distributor, Henry Schein Inc., from “sell to the distributor” to “sell through this distributor to their end customers”. The revision to LED’s revenue recognition policy was brought to the Company’s attention in April 2013 and LED has since been reviewing and discussing this issue with its new auditor and its former auditor. The change in functional and reporting currency and revision in revenue recognition policy have created a significant amount of additional work to be performed by LED to complete the audited statements. LED has been working closely with its auditor and expects to be able to have the audit of the financial statements completed, and the statements filed, by May 3, 2013.
LED confirms that it intends to satisfy the alternative information guidelines of Section 4.4 of National Policy 12-203 including the issuance of biweekly default status reports for so long as LED remains in default of the financial statement filing requirement.
The Audit Committee of the Company has reviewed the contents of this news release.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol “LMD”, the OTCQX under the symbol “LEDIF”, as well as the Frankfurt Stock Exchange under the symbol “LME”. For more information, visit www.ledmd.com. Through its wholly-owned subsidiary, LED Dental Inc., the company manufactures the VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. VELscope® Vx devices are now used to conduct more screenings for oral cancer and other oral tissue abnormalities than any other adjunctive device. For more information, visit www.leddental.com.