Brompton Corp. Announces Conclusion to Canada Revenue Agency Reassessments
TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) — Brompton Corp. (the “Company”) announces that it has entered into an agreement with the Canada Revenue Agency (the “CRA”) which provides for a final resolution of the Company’s tax appeal in connection with the deduction of non-capital losses and other tax attributes in the Company’s taxation years from 2010 to 2016. The Company has paid approximately $14.0 million to CRA on the basis that no non-capital losses or other tax attributes were available for deduction pursuant to the CRA reassessments. The current agreement allows the Company to utilize some but not all of the non-capital losses and other tax attributes. Adjustments to the reassessments including the calculation of interest is proceeding and a refund is expected to be received in three to four months.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated.
The Company assumes no obligation to update forward-looking statements or information except as may be required by applicable securities laws.
For additional information concerning the Company, please visit our website at www.bromptoncorp.com.
Mark A Caranci
President & CEO