Crystallex International Corporation Comments on Toronto Stock Exchange Listing Review
TORONTO, April 7 /CNW/ -- Crystallex International
Corporation (Amex: KRY; Toronto) today responded to an April 4 press release by The Toronto Stock Exchange that the Exchange is reviewing the common shares of KRY with respect to meeting the requirements for a continued listing.
On April 3, 2003, the Company reported the restatement of Crystallex's quarterly financial statements for the quarters ending March 31, June 30 and September 30, 2002 to reflect changes in the accounting treatment of the Company's hedge program together with related changes to the comparable earlier periods. These changes in accounting treatment followed a normal course review of the Company's US GAAP accounting policies and discussions with the Securities and Exchange Commission. Preliminary financial statements reflecting the proposed restatement were filed on March 28, 2003 for review by the Staff of the Securities and Exchange Commission. At the direction of the Staff of the Securities and Exchange Commission and as a pre-requisite to the further review of the financial statements, the financial statements were put on the public file notwithstanding that the review process had not been concluded and that the financial statements would be subject to further review and comment.
The Company's intention was to announce the change in accounting policy and file the restated financial statements in Canada after the review process with the Securities and Exchange Commission had been completed, its US GAAP accounting policies were agreed and the financial statements had been finalized.
On April 3, 2003, in response to a request by the TSX, Crystallex issued a public announcement about the restatement. The Company's preference would have been to await the conclusion of any discussions with the Securities and Exchange Commission and finalization of its statements. Concurrent with the issuance of its press release, the Company effected the filing of the preliminary financial statements on the public SEDAR files maintained by Canadian securities regulatory authorities. The review by the TSX followed the publication on April 2nd of a newspaper article. Crystallex has promptly responded to all Toronto Stock Exchange inquiries and requests and is cooperating with Toronto Stock Exchange officials to facilitate their review and to bring it to a conclusion.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with operations and exploration properties in Venezuela and Uruguay. Crystallex shares are traded on the TSX and AMEX Exchanges. Crystallex has been focused on strategic growth in South America and recently signed a definitive agreement with respect to the Las Cristinas mining properties in Venezuela and has taken possession of those properties. Crystallex is currently working on the final feasibility study to support its development plans for Las Cristinas.
Note: This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Crystallex, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.
For further information: Investor Relations, A Richard Marshall, VP of Crystallex International Corporation, +1-800-738-1577, or info@crystallex.com Web site: www.crystallex.com