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3rd
January 2006
15
DAY EXTENSION TO LODGE FORM 20-F
PERTH,
AUSTRALIA:
Orbital Corporation Limited is a Foreign Private Issuer required
to lodge an annual report (Form 20-F) setting out United States
GAAP financial statements, with the Securities and Exchange Commission
(SEC) in the United States of America by 31 December each year.
Orbital
and its auditor KPMG are in ongoing discussions to determine whether
accounting policies relating to license obligations of certain customers
and foreign currency translation adjustments relating to Orbital's
investment in its Synerject LLC joint venture (for fiscal 2005 and
prior years) are appropriate under US GAAP. These issues are not expected
to impact the 30 June 2005 Australian GAAP financial statements.
These matters were not resolved by 29th December 2005
and therefore Orbital has requested the permitted 15 day extension
period for lodgement of the 20-F pursuant to rule 12b-25(b).
It is important to note that other than the matters
referred to above, there were no other outstanding issues precluding
the timely filing of the 20-F and these matters only relate to USGAAP.
Orbital anticipates that the Form 20-F will be filed within the
extended period.
Grahame Young
Chairman of the Audit Committee
Forward
Looking Statements
This
release includes forward-looking statements that involve risks and
uncertainties. These forward-looking statements are based upon management's
expectations and beliefs concerning future events. Forward-looking
statements are necessarily subject to risks, uncertainties and other
factors, many of which are outside the control of the Company, that
could cause actual results to differ materially from such statements.
Actual results and events may differ significantly from those projected
in the forward-looking statements as a result of a number of factors
including, but not limited to, those detailed from time to time
in the Company's Form 20-F filings with the US Securities and Exchange
Commission.
Orbital makes no undertaking to subsequently update or revise the
forward-looking statements made in this release to reflect events
or circumstances after the date of this release.
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