PCTEL Settles Lawsuit with Accounting Firm
October 20 2014 - 8:50AM
Business Wire
Dispute Related to TelWorx Asset
Purchase
PCTEL, Inc. (NASDAQ:PCTI), a leader in Performance
Critical Telecom solutions announced today that it
settled its lawsuit against the accounting firm that provided
audited financial statements for TelWorx Communications, LLC and
related entities in connection with the July, 2012 asset sale to
PCTEL. The amount of the settlement was not disclosed. The details
of the impact of this settlement on PCTEL’s 2014 financial
statements will be discussed at the company’s third quarter
earnings call on October 30, 2014.
“About two years ago, PCTEL disclosed accounting irregularities
associated with the representation of the TelWorx assets purchased
by PCTEL as described in our March 13, 2013 SEC filing. At that
time, we communicated to our shareholders that we would pursue
recovery of damages resulting from those accounting irregularities.
Since then, we have recovered over $7.5 million in cash, stock,
escrowed funds and rent abatement from the TelWorx principals, the
accounting firm that conducted the pre-acquisition audit, and
others,” said Marty Singer, PCTEL’s Chairman and CEO. “In parallel,
we completely integrated the acquired assets into our Bloomingdale
operation and developed a strong small cell site solutions
operation and a mobile tower business that focuses on oil and gas
and utilities. It is now time to focus all of our energy on
growth,” added Singer.
ABOUT PCTEL
PCTEL delivers Performance Critical Telecom
solutions. RF Solutions develops and provides test
equipment, software, and engineering services for wireless
networks. Engineers rely
upon PCTEL to visualize, benchmark, and
optimize wireless networks. Connected
Solutions™ designs and delivers performance critical
antennas and site solutions for wireless networks globally. Our
antennas support evolving wireless standards for cellular, private,
and broadband networks. PCTEL antennas and site solutions
support networks worldwide, including SCADA for oil, gas and
utilities, fleet management, industrial operations, health care,
small cell and network timing deployment, defense, public safety,
education, and broadband access.
PCTEL's performance critical products include its SeeGull®
scanning receivers and CW Transmitter, SeeHawk® and SeeHawk® Touch™
analytic software, and its SeeWave™ interference locating
system. PCTEL is recognized globally for its industry
leading-edge IBflex™, EXflex™, and MX scanning receivers and its
sophisticated in-building Network Engineering Services (NES).
PCTEL's performance critical MAXRAD® and Bluewave™ antenna
solutions include high rejection and high performance GPS and GNSS
products, the industry leading Yagi portfolio, mobile and indoor
LTE, broadband, and LMR antennas and PIM-rated antennas for
transit, in-building, and small cell applications. We provide
performance critical mobile towers for demanding emergency and oil
and gas network applications and leverage our design, logistics,
and support capabilities to deliver performance critical site
solutions into carrier, railroad, and utility applications.
PCTEL's products are sold worldwide through direct and
indirect channels. For more information, please visit the company's
web sites: www.pctel.com, www.antenna.com,
or www.rfsolutions.pctel.com.
PCTEL, Inc.Jack SellerPublic
Relations(630)339-2116jack.seller@pctel.com
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