Spark Power to Restate Quarterly Financial Statements

Rhea-AI Summary

Spark Power Group Inc. (TSX: SPG) has announced plans to refile its interim financial statements for the three and nine-month periods ending September 30, 2020. The restatement will reflect adjustments, including reclassifying some long-term debt as current debt and updating disclosures related to debt maturity. The overall results of operations and total assets and liabilities remain unchanged. Amended management's discussion and analysis (MD&A) will also be filed. The updated documents are expected to be available on SEDAR next week.

Positive

• No change in reported results of operations.
• Total assets and liabilities remain unchanged.

Negative

• Restatement indicates prior inaccuracies in financial reporting.

OAKVILLE, ON / ACCESSWIRE / March 5, 2021 / Spark Power Group Inc. ("Spark Power" or the "Company") (TSX: SPG) announces it will refile its interim financial statements for the three and nine month periods ended September 30, 2020, as they are being amended and restated to reflect certain adjustments. The amendment and restatement include reclassifying certain amounts of the Company's long-term debt attributable to its credit facilities as current debt and updating note disclosure relating to the Company's debt and its maturity and other related matters. This amendment and restatement does not change the results of operations during the period, or the total assets and liabilities as of the period-end reported by the Company.

The Company will also refile its amended and restated management's discussion and analysis ("MD&A") for the period ended September 30, 2020.

Please refer to the amended and restated financial statements and MD&A that will be refiled on SEDAR and expected to be available for review next week.

About Spark Power
Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX:SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.

Investor and Regulatory Inquiries
Dan Ardila, Executive Vice President & Chief Financial Officer
dardila@sparkpowercorp.com
+1 (905) 829-3336 x127

Media Inquiries
Kim Samlall, Director, Marketing Communications
media@sparkpowercorp.com
+1 (905) 829-3336 x185

SOURCE: Spark Power Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/633637/Spark-Power-to-Restate-Quarterly-Financial-Statements

FAQ

What is the reason for Spark Power's financial statement refile?

Spark Power is refiling its interim financial statements to amend and restate certain adjustments, including reclassifying long-term debt as current debt.

Will Spark Power's refiled statements affect its financial results for 2020?

No, the refiled statements do not change the results of operations or total assets and liabilities for the periods ended.

When will Spark Power's amended financial statements be available?

The amended and restated financial statements are expected to be available for review on SEDAR next week.

What does the restatement of Spark Power's financials indicate?

The restatement suggests prior inaccuracies in financial reporting, particularly regarding debt classification.

Which periods are affected by Spark Power's financial statement refile?

The refile affects the three and nine-month periods ended September 30, 2020.