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VAUDREUIL-DORION, QUEBEC -- (Marketwired) -- 07/21/15 -- Immunotec Inc. (TSX VENTURE: IMM), a direct-to-consumer company and a leader in the nutritional industry (the "Company" or "Immunotec"), reports reaching a Conclusive Agreement ("the Agreement") with both tax authorities Procuraduria de la Defensa del Contribuyente ("PRODECON") and Servicio Administracion Tributaria ("SAT") in regard to the Company's Mexican subsidiary's imports into Mexico.
Under the Agreement, Immunotec agrees to pay the Value Added Tax ("VAT") on shipments made during a period of over 2 years on a revised importation classification free of penalties and in conformity with the current review of SAT. Based on the current exchange rate, the Corporation will pay an amount of 34.3 million Mexican Pesos or the equivalent of CAD $2.8 million.
"We are pleased to reach this agreement which resolves taxation matters with our Mexican operations", said Patrick Montpetit, Chief Financial Officer of Immunotec. "With this agreement, the Corporation remains in solid financial position to pursue the execution of its growth strategy."
About Immunotec Inc.
Immunotec is a Canadian-based Company that develops, manufactures, markets and sells research-driven nutritional products through direct-to-consumer sales channels in Canada, the U.S. and Mexico. The Company offers an extensive family of nutritional products targeting health, wellness, weight management, as well as energy and performance. The Immunocal family of products is supported by over 40 published articles and supporting science in medical and scientific literature.
Please visit us at www.immunotec.com for additional information.
The Company files its continuous disclosure documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Contacts: Patrick Montpetit CPA,CA, CF Vice-President and Chief Financial Officer Immunotec Inc. (450) 510-4527 NEXT ARTICLE
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