MedicalCV, Inc. (OTCBB:MDCV) today announced that as a
result of an internal review of the Company's financial statements, it
is making a line item correction to its audited financial statements
contained in its Form 10-KSB for the fiscal year ended April 30, 2005.
This restatement will have no impact on the Company's previously
reported financial position, net loss or cash flows as of and for the
year ended April 30, 2005.
"An internal review of our historical financial results determined that approximately $900,000 of operating expenses related to discontinued operations were incorrectly recorded in our financial statements," said Marc Flores, President and Chief Executive Officer. "Our proactive review determined that these expenses should have been recorded in our loss from discontinued operations as they were incurred as part of our discontinued heart valve operations. While the correction of this line item has no impact on our net loss for fiscal 2005, it does result in our determination that our financial statements for fiscal year 2005 should be restated. We are currently in the process of preparing the appropriate filings."
About MedicalCV, Inc.
MedicalCV, Inc., a cardiovascular surgery device manufacturer, focuses on the development and introduction of products designed to improve patient outcomes through the early treatment of cardiovascular disorders and disease, specifically products used by cardiac surgeons to ablate cardiac tissue as a potential means to treat atrial fibrillation. The Company's core technology is the AtriLaze(TM) Surgical Ablation System for use in cardiac tissue ablation procedures. With the use of its platform of laser-based technology, the Company is focused on developing a truly minimally invasive procedure (closed chest, beating heart) for the treatment of atrial fibrillation.
The Company's common stock is traded on the OTC Bulletin Board under the symbol "MDCV." For further information on MedicalCV, Inc., please visit www.medcvinc.com.
"An internal review of our historical financial results determined that approximately $900,000 of operating expenses related to discontinued operations were incorrectly recorded in our financial statements," said Marc Flores, President and Chief Executive Officer. "Our proactive review determined that these expenses should have been recorded in our loss from discontinued operations as they were incurred as part of our discontinued heart valve operations. While the correction of this line item has no impact on our net loss for fiscal 2005, it does result in our determination that our financial statements for fiscal year 2005 should be restated. We are currently in the process of preparing the appropriate filings."
About MedicalCV, Inc.
MedicalCV, Inc., a cardiovascular surgery device manufacturer, focuses on the development and introduction of products designed to improve patient outcomes through the early treatment of cardiovascular disorders and disease, specifically products used by cardiac surgeons to ablate cardiac tissue as a potential means to treat atrial fibrillation. The Company's core technology is the AtriLaze(TM) Surgical Ablation System for use in cardiac tissue ablation procedures. With the use of its platform of laser-based technology, the Company is focused on developing a truly minimally invasive procedure (closed chest, beating heart) for the treatment of atrial fibrillation.
The Company's common stock is traded on the OTC Bulletin Board under the symbol "MDCV." For further information on MedicalCV, Inc., please visit www.medcvinc.com.