Nov 12 (Reuters) - Phoslock Environmental Technologies Ltd PET.AX :
* MARKET UPDATE-PET.AX
* CONSIDERING NEXT STEPS AFTER INVESTIGATION INTO ACCOUNTING IRREGULARITIES RELATING TO CHINA OPERATIONS
* COMMENCED COMPREHENSIVE & SYSTEMATIC REVIEW OF ALL CURRENT CHINA CONTRACTS AND CONTRACTUAL ARRANGEMENTS WITH THIRD PARTIES
* CONFIRMS IT IDENTIFIED FRAUDULENT ACTIVITY RELATING TO AREAS INCLUDING FALSE ACCOUNTING & FALSIFICATION OF INVOICES & SERVICE CONTRACTS
* COMMENCED RESTRUCTURING OF ORGANISATION IN CHINA
* COMMISSIONED INDEPENDENT MARKET REVIEW OF WATERWAYS REMEDIATION MARKET IN CHINA
* ALL CO'S OPERATIONS & ASSETS OUTSIDE OF CHINA UNAFFECTED BY THESE MATTERS, INCLUDING SIGNIFICANT CASH RESERVES ON DEPOSIT IN AUSTRALIA
* CONTINUES TO INVESTIGATE & CONSIDER RIGHTS FOR PURSUING LEGAL ACTION AGAINST INDIVIDUALS, ENTITIES FOUND INVOLVED IN FRAUDULENT ACTIVITY