| Wed 2 Mar 2011, 15:19 | | ZPT - Zaptronix Limited - No change statement and notice of annual general |
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ZPT
ZPT
ZPT - Zaptronix Limited - No change statement and notice of annual general
meeting
ZAPTRONIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/014928/06)
(Share Code: ZPT ISIN Code: ZAE000070934)
("Zaptronix" or "the Company")
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the annual financial statements of Zaptronix were
distributed on the 28 February 2011, and contain no modifications to the
Reviewed Results published on SENS on 1 December 2010.
Shareholders should however note that in the Reviewed Results announcement of
1 December 2010, the emphasis of matter paragraph was omitted from the Review
Opinion disclosure and should have read as follows:
Without effecting their conclusion, the independent auditors of Zaptronix,
PKF (Pta) Inc, drew attention to the post balance sheet event disclosed in
the condensed consolidated financial statements. The ability of Zaptronix to
continue as a going concern is dependent on several factors which, inter alia,
include the successful conclusion of the acquisition, post balance sheet date,
which still has to be approved by the shareholders, the improved profitability
and cash flows of Zaptronix over the next twelve months and Zaptronix continuing
to receive the existing support from related parties.
The Audit Opinion of the Audited Results that were distributed to shareholders
today does no longer contain the above Emphasis of Matter paragraph due to the
additional financial support supplied by the major shareholders.
Share holders are further referred to the announcement of the financial effects
of the acquisition of ItoI dated 3 December 2010
Shareholders approval of the ItoI transaction will address the going concern
issues in that:
1 Zaptronix will become entitled to the future revenue and profits of the
ItoI business current entitlement being based on the agency agreement.
2 Shareholders loan accounts being converted to capital, which are currently
subordinated.
Notice is hereby given that the annual general meeting of shareholders will be
held at 10:00 on Tuesday, 19 April 2011 in the boardroom of the company at
Solution House, Gazelle Close, Corporate Park South, Midrand, Gauteng.
01 March 2011
Midrand
Designated Advisor:
Exchange Sponsors
Date: 02/03/2011 15:19:02 Produced by the JSE SENS Department.
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