MEDWELL CAPITAL COMPLETES ADOPTION OF IFRS
Edmonton, Alberta, November 21, 2011 – Medwell Capital Corp. (TSX-V: MWC) today announced that the Company completed its adoption of International Financial Reporting Standards (“IFRS”) accounting standards with the filing of amended financial statements for the three months ended March 31, 2011 and the three and six months ended June 30, 2011. The adoption of IFRS had no effect on the financial results previously reported by the Company.
The adoption of IFRS by the Company was announced by the Company on October 3, 2011, and is a result of a decision from the Alberta Securities Commission to not grant exemptive relief to allow Medwell to continue reporting its financial statements using Canadian Generally Accepted Accounting Principles.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based merchant bank that provides of capital and advisory services to the healthcare industry. For further information please visit www.medwellcapital.com.
This press release may contain forward-looking statements, which reflect the Corporation’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation’s ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.