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Message: Re: BQI annouces delay in annual report
files Form 10-K Annual Report and Amended Financial ResultsJuly 30, 2009 6:01 AM ET advertisement Article tools E-mail this article Print-friendly version Discuss this articleStocks mentioned in this articleOilsands Quest Inc (BQI) Stock Quote, Chart, News, Add to WatchlistRelated topicsEarnings ReportsRelated newsEnergy prices slide as unused crude piles up All PR Newswire newsNYSE Amex: BQI CALGARY, July 30 /PRNewswire-FirstCall/ - As previously announced by Oilsands Quest Inc. (NYSE Amex: BQI) (the "Company") on July 14, 2009, the Company extended the date for filing its Form 10-K for the year ended April 30, 2009 (the "2009 10-K"). The Company announces that it has filed the 2009 10-K with the United States Securities and Exchange Commission (the "SEC"). The Company has also filed an amended Form 10-K/A for the year ended April 30, 2008 and amended Form 10-Qs for the quarterly periods ended July 31, 2008, October 31, 2008 and January 31, 2009. These amended filings reflect the restatement of the Company's consolidated financial statements for the years ended April 30, 2007 and April 30, 2008 and the quarterly periods ended July 31, 2007 to January 31, 2009. The restatements primarily relate to the accounting for the consideration exchanged in the acquisition of the Company's remaining non-controlling interest in Oilsands Quest Sask Inc. in August of 2006. For a discussion of the changes to the Company's consolidated balance sheets and consolidated statements of operations, cash flows and stockholders' equity and comprehensive income, and a reconciliation of amounts previously reported, see note 2 to the Company's consolidated financial statements included in its amended annual report on Form 10-K/A for the year ended April 30, 2008 filed today with the SEC. As discussed in the Company's amended filings and its 2009 Form 10-K, Management has also completed its review of its internal controls over financial reporting and disclosure controls and procedures. The Company has identified a material weakness in its controls relating to the accounting for, and reporting of, complex and non-routine transactions. The Company intends to remediate the material weakness described above and has disclosed its remediation plan in its amended filings and the 2009 Form 10-K. Copies of the amended filings and the 2009 10-K are available online at the SEC's website (www.sec.gov) and on SEDAR (www.sedar.com). Management's Discussion and Analysis of Financial Condition and Results of Operations
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