Asia Bio-Chem Announces Corrections to Fiscal 2013 MD&A

TORONTO, April 9, 2014

TORONTO, April 9, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem" as the "Company") announces corrections to its Management Discussion and Analysis for the 12 month period ending December 31, 2013 (MD&A) filed on SEDAR on March 31, 2014.   These corrections are typographical in nature and do not involve changes to the audited financial statements.

The corrections to the MD&A and press release dated March 31, 2014 are as follows:

1. On page 4 of MD&A, the second line of the fourth bullet point under highlights was changed from "fourth quarter to negative $35.8 million compared with negative $8.1 million" to "fourth quarter to negative $34.3 million compared with negative $8.1 million".
2. On page 4 of MD&A, the second line of the third bullet point under highlights was changed from "obtained additional $97.5 million in loans in the quarter" to "obtained additional $4.7 million in net new loans in the quarter".
3. On page 6 of MD&A, Q4 2013 Net Income was changed from (35, 809) to (40,957).
4. On page 6 of the MD&A, Q4 EBITDA was changed from (35,806) to (34,317)
5. On page 7 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
6. On page 7 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
7. On page 14 of MD&A, Q4 2013 amortization was changed from 2,134 to 3,627.
8. On page 14 of MD&A, Q4 2013 EBITDA was change from (35,806) to (34,317) and the percentage change in EBITDA was changed from -341.0% to -322.7%.
9. On page 14 of MD&A, Q4 2013 EBITDA before stock based compensation was changed from (35,806) to (32,313) and the change in EBITDA before stock based compensation was changed from -342.5% to -299.4%.
10. On page 14 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
11. On page 14 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
12. On page 15 of MD&A, decrease in cash and restricted cash was changed from $3.4 million to $1.8 million.
13. On page 16 of MD&A, the total contract price in Changtu is changed from $20.6 million to $22.6 million.
14. The amended Summary Financial Statements from the press release dated March 31, 2014  is provided below (to view the markup version please refer to the version of the Press Release filed today on SEDAR);

SUMMARY FINANCIAL STATEMENTS

The revised MD&A together with the Form 52-109F1 certifications have been filed on SEDAR together with a cover letter explaining the corrections.

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