Atrium Biotechnologies Inc. To Report Future Financial Results In U.S. dollars
QUEBEC, Jan. 24 /PRNewswire-FirstCall/ - Atrium Biotechnologies Inc. today announced that, as of the fourth quarter of fiscal year 2005, it will report its financial results and financial position in U.S. dollars. Accordingly, all of the Company's assets and liabilities outside the United States will be translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Revenues and expenses will be translated at the average rate in effect during the period. Gains and losses will be included in cumulative translation adjustments account in the shareholders' equity. Finally, the functional currencies of the Company and each of its subsidiaries remain unchanged.
Following recent acquisitions, particularly Douglas Laboratories in the United States in late 2005, Atrium's Board of Directors approved the change in reporting currency in U.S. dollars since now, most of its activities are conducted in U.S. dollars. "Our U.S. dollar reporting currency ensures that our financial statements more accurately reflect the Company's true operating results and financial position," stated Luc Dupont, President and CEO of Atrium.
About Atrium
Atrium Biotechnologies Inc. is a leading developer, manufacturer and marketer of science-based products for the cosmetics, pharmaceutical, chemical and nutrition industries. Atrium focuses primarily on growing segments of the health and personal care markets which are benefiting from the trends towards healthy living and the ageing of the population. Atrium markets a broad portfolio of active ingredients, specialty chemicals and health and nutrition finished products through its highly specialized sales and marketing network in more than 35 countries, primarily in North America, Europe and Asia. Additional information about Atrium is available on its website at www.atrium- bio.com.
ATRIUM BIOTECHNOLOGIES INC.CONTACT: Investor Relations: John Dempsey, Vice-President, Finance andChief Financial Officer, (418) 652-1116, ext. 287, jdempsey@atrium-bio.com;Media Relations: Simon Poitras, HKDP, (418) 523-3352, ext. 239,spoitras@hkdp.qc.ca; Source: Atrium Biotechnologies Inc.