CASPER, WYOMING -- (Marketwired) -- 04/29/13 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX: URZ)(NYSE MKT: URZ)(FRANKFURT: U9E), has filed an amended Annual Report on Form 10-K/A with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR), in order to restate: 1) its audited annual financial statements for the years ended December 31, 2011 and 2012 as contained in its Annual Report on Form 10-K filed on March 28, 2013; and 2) the interim unaudited financial statements for the quarters ended March 31, June 30 and September 30, 2012, as contained in its quarterly reports on Form 10-Q for such periods.
The Company had previously announced its intention to file the amended Annual Report on Form 8-K filed April 1, 2013. This determination was made by management of the Company, in coordination with its audit committee and its independent registered public accounting firm, following the determination by the staff of the SEC on March 29, 2013, that the SEC disagreed with the Company's continued capitalization of construction costs related to the Nichols Ranch In-Situ Recovery Uranium Project on the basis of management's belief that these costs are recoverable through future use.
Investors should no longer rely on (i) the Company's audited annual financial statements for the years ended December 31, 2012 and 2011 and the interim financial information for the quarters ended March 31, June 30 and September 30, 2012, as contained in the Company's Annual Report on Form 10-K filed on March 28, 2013, nor (ii) the unaudited interim financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, as contained in the Company's Quarterly Reports on Form 10-Q for such periods. Investors are referred to the restated financial information contained on the Form 10-K/A filed April 29, 2013.
The restatement of these financial statements is to adjust for an accounting reclassification of project costs during the periods restated and did not change the Company's reported cash in treasury, its overall cash flow, or its business plan.
Restated Financial Summary:
Financial Position at December 31, 2012 Restated PreviousCash and cash equivalents $ 7,016,710 $ 7,016,710Working capital $ 5,718,050 $ 5,718,050Total assets $11,553,494 $32,846,112Long term debt Nil NilStockholders' Equity $ 8,330,343 $29,622,961Results of operations for twelve months ended December 31, 2012 Restated PreviousNet Loss $29,347,337 $14,501,543Basic and Diluted Net Loss Per Share $ 0.38 $ 0.19Net Cash Used in Operating Activities $27,668,269 $13,666,266Net Cash Used in Investing Activities $ 439,690 $14,441,693Net cash Provided by Financing Activities $ 479,924 $ 479,924
The financial information presented is in accordance with U.S. generally accepted accounting principles ("GAAP"). To review Uranerz' annual report on Form 10-K/A for the year ended December 31, 2012, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.
The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine and is currently under construction. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone-hosted uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.
For further information, please refer to the Company's website at www.uranerz.com, review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.
This press release may contain or refer to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, all statements which describe future activities or express intentions, plans or expectations and all statements in the future tense. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.
Uranerz Energy Corporation
Manager of Investor Relations