Reno, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Enhance Skin Products Inc. (OTCBB: EHSK), today announced that it has placed its Consolidated Financial Statements for the period to April 30, 2017 (Unaudited) on its website http://enhanceskinproducts.com/Filings.html
On December 2, 2016, the Company sold to Integumen Inc. substantially all of its assets and certain of its liabilities, and its primary asset is now 29,488,144 fully paid ordinary shares of one pence each of Integumen plc representing 17.87% of the issued and outstanding shares of Integumen plc. After the sale, the Company has not engaged in any business activities except to the extent necessary to preserve the value of its assets, transfer its assets and know-how, and shall in due course wind up its business affairs and give effect to the dissolution of the Company in accordance with its previously disclosed plan of reorganization, liquidation and dissolution.
As at April 30, 2017 the Company has a working capital deficit of $118,450 (2016: $995,024) and accumulated deficit of $3,002,795 (2016: $3,089,331). The Company’s primary assets as at April 30, 2017, are 29,488,144 Ordinary Shares in Integumen Limited. A day one impairment loss of $2,179,832 had been recognized for accounting and financial reporting purposes due to the fact that Integument Ltd was a newly established entity, was in the process of listing on the AIM market, did not have any history of any private placement and consequently, no valuation could have readily been ascertained. As at April 5, 2017, Integumen Ltd was established in the AIM market. As of April 30, 2017, the fair value of the 29,488,144 Integumen Ltd Ordinary Share was $1,295,132 based on the share price of 3.3918 pence ($0.04392) per share in the AIM market.
The foregoing statements are summary and reference should be made to the full Consolidated Financial Statements on the Company’s website.
Interested parties can follow the activities of Integumen plc. quoted on the AIM market of the London Stock Exchange via its website www.integumenplc.com
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