NEWTOWN, PA – June 4, 2015 – Helius Medical Technologies, Inc. (CSE: HSM) (OTCQB: HSDT) (“HMT”, or the “Company”) – As a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure.
Amended and Restated Financial Statements
The Company has amended and restated its audited annual financial statements for the fiscal year ended March 31, 2014, its interim financial statements for the periods ended June 30, 2014 and September 30, 2014 and the audited annual financial statements of NeuroHabilitation Corporation (“Neuro”) for the year ended March 31, 2014 in order to restate the financial statements using International Financial Reporting Standards and to complete an audit under International Auditing Standards. Prior to May 14, 2015, the Company was not yet an “SEC Issuer” as that term is defined in National Instrument 52-107 – Generally Accepted Accounting Principles and Auditing Standards (“NI 52-107”), and as such, NI 52-107 did not permit the Company to prepare its financial statements in accordance with U.S. GAAP.
As a result of the amendments, operating expenses increased by USD $4.4 million as a listing expense, which was previously presented as a component of the shareholders’ deficiency, was reclassified. Presentation and notes to the financial statements were revised to be in compliance with the International Financial Reporting Standards without material changes of numbers.
Amended and Restated Material Change Report
The Company has also amended and restated its material change report dated June 23, 2014 which was filed in connection with the Company’s reverse takeover transaction with Neuro and listing on the Canadian Securities Exchange in order to provide additional disclosure required under Item 5.2 of Form 51-102F3 with respect to the reverse takeover, which constituted a “restructuring transaction” as that term is defined in National Instrument 51-102 – Continuous Disclosure Obligations.
About Helius Medical Technologies (HMT)
Helius Medical Technologies is a medical technology holding company focused on neurological wellness. HMT seeks to use unique and non-invasive platform technologies that create portals to the brain to amplify its ability to heal itself. HMT intends to file for U.S. Food and Drug Administration clearance for the PoNS™ device. For more information, please visit www.heliusmedical.com.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Safe Harbor Statement
All statements in this news release, other than statements of historical facts, are forward-looking statements. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve 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 include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements except as required by applicable law.