BOCA RATON, Fla., Sept. 2, 2011 /PRNewswire/ — On September 2,
2011, Vycor Medical, Inc. (the “Company”) filed the following
amended Annual Reports and Quarterly Reports with the Securities
and Exchange Commission for the following periods:
Form 10-K (1st Amendment) for the fiscal year ended December 31,
2009
Form 10-Q (2nd Amendment) for the fiscal quarter ended March 31,
2010
Form 10-Q (2nd Amendment) for the fiscal quarter ended June 30,
2010
Form 10-Q (1st Amendment) for the fiscal quarter ended September
30, 2011
Form 10-K (1st Amendment) for the fiscal year ended December 31,
2010
Form 10-Q (1st Amendment) for the fiscal quarter ended March 31,
2011
As previously reported, the Company had determined that its
historical financial statements for the above-indicated periods
included in the Company’s periodic reports filed with the
Securities and Exchange Commission (“SEC”) required restatement to
reflect the proper accounting for certain common stock purchase
warrants issued in connection with consulting agreements and to
reflect the proper accounting treatment for the beneficial
conversion feature associated with certain debt convertible into
common stock.
Each of the aforementioned amended Annual Reports and Quarterly
Reports incorporate restated financial statements which resolve all
issues which were the basis of the Company’s prior advice that the
originally filed Annual Reports and Quarterly Reports should no
longer be relied upon.
The net result of the restated financial statements included in
the amended Annual Reports and Quarterly Reports is an additional
aggregate non-cash expense of approximately $152,000 for all
periods which were the subject of the restatements.
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical,
Inc. (VYCO.OB) is a medical device company committed to making
neurological brain, spinal and other surgical procedures safer and
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