Xenonics Holdings Announces RestatementXenonics Holdings, Inc. Press Release
FlashlightNews.org - 6/18/2007
Change in accounting treatment of re-conveyed shares create restatement need
Xenonics' NightHunter Line of Tactical Spotlights
CARLSBAD, Ca. - XENONICS HOLDINGS, INC. (AMEX:XNN), a leader in advanced illumination and low-light viewing technologies, announced today that it will restate its consolidated financial statements for the fiscal years ended September 30, 2006 and September 30, 2005 to reflect a change in the accounting treatment for the re-conveyance in 2005 to the Company of 112,500 shares of its common stock in connection with the settlement of a lawsuit in favor of Xenonics. In the restatement, the litigation settlement will be reported as a capital transaction and not as income as previously reported, resulting in an increase of $306,000 in additional paid-in capital for the years ended September 30, 2006 and September 30, 2005. The net loss for the year ended September 30, 2005 will be increased by $306,000, or $.02 per share. The Company anticipates no change in its previously reported consolidated statement of operations for the year ended September 30, 2006.
The Company will include its restated consolidated financial statements in an amended Annual Report on Form 10-KSB/A that it will file with the SEC as promptly as practicable. Previous consolidated financial statements should no longer be relied upon.
Xenonics develops and produces advanced, lightweight and compact ultra-high intensity illumination and low-light vision products for military, law enforcement, public safety, and commercial and private sector applications. Xenonics' NightHunter line of illumination products are used by every branch of the U.S. Armed Forces as well as law enforcement and security agencies. Its SuperVision night vision device is designed for commercial and military applications. Employing patented technologies, Xenonics provides innovative solutions for customers who must see farther so they can do their jobs better and safer. Xenonics' products represent the next generation in small, high intensity, high efficiency illumination and low-light vision systems.
Visit Xenonics on the web at www.xenonics.com.