wellness clincs

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article from the australian

AUSTRALIA'S only listed new-age wellness company returned to trading yesterday, only to receive a rather lacklustre reception from the market.

Not a single Atos Wellness share changed hands all day, despite the company having been suspended from trading for two months.

Atos, which aims to make the world a better place by helping people restore the balance of energy in their bodies, had some trouble getting its financial accounts ready by the October 1 deadline. Apparently the auditors had their work cut out combing through the group's accounts as a result of the acquisition of a Singapore-based subsidiary.

Despite the extra time, the accounts -- finally released this week -- contained quite a few qualifications. It seems the auditors were unable to verify unaudited financial information relating to a recently opened branch in Austria, or about the completeness of liabilities written off in relation to a German subsidiary.

They were unable to obtain sufficient evidence of the recoverability of about $2.1 million worth of receivables owed by related parties and about $6.2 million owed by subsidiaries.

They also warned that the company's ability to continue as a going concern was dependent on the support of creditors, subsidiaries, bankers and a major shareholder and raised some concerns about the value of intangible assets.

We only hope Atos threw in a free energy-balancing massage with the auditors' fees.

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