ATC Venture Delays Filing Q3 Form 10Q

8/21/2012 12:25 PM ET

ATC Venture Group Inc. (ATC: Quote) said Tuesday that it will not be able to file its Quarterly Report on Form 10-Q for the third quarter ended June 30, 2012 on a timely basis because of an issue involving the reversal of a non-cash inventory impairment charge that it recorded in its financial results for the year ended September 30, 2011.

The company said it is working expeditiously with its auditors to resolve the issue but cannot predict at this time when it will be able to file its Form 10-Q.

On July 26, the company announced its preliminary, unaudited financial results for the third fiscal quarter.

ATC Venture said it is unable to predict at this time what effect, if any, the issue described above will have on its previously announced financial results.

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