Overstatement in Revenue on Q3 December 31, 2018 Statement

TORONTO, Aug. 19, 2019 (GLOBE NEWSWIRE) -- (TSXV: FTI) – FTI Foodtech International Inc. (“FTI” or “the Company”) announces that there was an overstatement in revenue on the Q3 December 31, 2018 (“F19-Q3”) interim financial statement.

During the third quarter of 2019 fiscal year, there was an accounting error that created duplicate entries resulting in an overstatement of revenue for the period.  The F19-Q3 revenue was overstated by $47,195.  The correct revenue for the F19-Q3 was $86,152 and for nine months ended December 31, 2018 was $123,592.  These proper entry for these sales created an increase in accounts receivable, as such the duplicate entries created an additional increase in accounts receivable. The correct accounts receivable for December 31, 2018 is $181,437.

The cause of the error has been identified and actions have been taken to prevent this from happening again. The duplicate transactions have been corrected and any necessary adjustments are reflected in the Company’s March 31, 2019 year end statements.

Neither 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.

For further information, contact: William Hullah, President, FTI at (416) 444-1058.