SPOKANE, Wash.--(BUSINESS WIRE)--Nov. 15, 2018--
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the
“Company”) announced that in the course of completing its interim
consolidated financial statements for the period ended September 30,
2018, it was determined that there was an estimated $6.6 million
overstatement of income tax expense and understatement of net income
reported in the Company’s Consolidated Statement of Operations for the
six months ended June 30, 2018.
The Company originally reported income tax expense of $19.1 million, net
income of $57.5 million and earnings per share of $0.58 for the six
months ended June 30, 2018 and a deferred tax liability of $9.3 million
as of June 30, 2018. Based on the Company’s analysis, income tax
expense, net income, earnings per share and deferred tax liability for
the period are expected to be approximately $12.5 million, $64.1
million, $0.64 and $2.8 million, respectively. The overstatement
resulted from an oversight in the allocation of revenue to tax
jurisdictions with differing tax rates.
Management expects to complete its analysis and file its restated
interim consolidated financial statements for the six months ended June
30, 2018 and related management’s discussion and analysis on or before
November 29, 2018.
Further information regarding the Company can be located at www.goldreserveinc.com,
www.sec.gov,
and www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning
of applicable U.S. federal securities laws and “forward-looking
information” within the meaning of applicable Canadian provincial and
territorial securities laws and state Gold Reserve’s and its
management’s intentions, hopes, beliefs, expectations or predictions for
the future, including, without limitation, statements with respect to
figures expected to be disclosed in the Company’s restated interim
consolidated financial statements for the period six months ended June
30, 2018 to shareholders. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies.
We caution that such forward-looking statements involve known and
unknown risks, uncertainties and other risks that may cause the actual
outcomes, financial results, performance, or achievements of Gold
Reserve to be materially different from our estimated outcomes, future
results, performance, or achievements expressed or implied by those
forward-looking statements.
This list is not exhaustive of the factors that may affect any of
Gold Reserve’s forward-looking statements. For a more detailed
discussion of the risk factors affecting the Company’s business,
including without limitation the effect of sanctions imposed by the
governments of the United States and Canada against dealings with
certain Venezuelan entities and individuals, see the Company’s Annual
Information Form and Management’s Discussion & Analysis for the year
ended December 31, 2017 which have been filed on SEDAR and are available
under the Company’s profile at www.sedar.com
and which form part of the Company’s Form 40-F for the year ended
December 31, 2017 which have been filed on EDGAR and are available under
the Company’s profile at www.sec.gov/edgar.
Investors are cautioned not to put undue reliance on forward-looking
statements. All subsequent written and oral forward-looking statements
attributable to Gold Reserve or persons acting on its behalf are
expressly qualified in their entirety by this notice. Gold Reserve
disclaims any intent or obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of
assumptions or factors, whether as a result of new information, future
events or otherwise, subject to its disclosure obligations under
applicable rules promulgated by the Securities and Exchange Commission
and applicable Canadian provincial and territorial securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181115005977/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, President
Tel.
(509) 623-1500
Fax (509) 623-1634