Patriot National Delays Filing of Annual Report on Form 10-K
April 03 2017 - 4:15PM
Patriot National, Inc. (NYSE:PN) (“Patriot National” or “the
Company”) today announced that it is delaying the filing of its
Annual Report on Form 10-K for the year ended December 31, 2016
(the “Annual Report”).
The Company is delaying the filing of its Annual
Report on Form 10-K because it is still finalizing the Form 10-K
and continues to prepare analyses and provide documentation
requested by its auditor. In addition, on March 29, 2017, the
Audit Committee of the Company’s Board of Directors, with the
assistance of independent counsel and advisors, commenced an
internal review regarding certain accounting matters related to
transactions between the Company and Hospitality Supportive
Systems, LLC, Selective Risk Management and Carman Corporation, and
their affiliates which, as previously reported, the Company entered
into during calendar year 2015.
On March 17, 2017, the Company filed with the
Securities and Exchange Commission a Notification of Late Filing on
Form 12b-25 with respect to the Annual Report. At the time of that
filing, the Company expected that it would be able to file its
Annual Report within the 15-day extension period provided by Form
12b-25. The Company is not in a position to file its Form
10-K until after it finalizes the Form 10-K with its auditor and
the Audit Committee completes its internal review and the Company’s
independent auditor assesses the Audit Committee’s findings. The
Audit Committee continues to work vigorously with its independent
counsel and advisors to complete the review as soon as
possible.
About Patriot National
Patriot National, Inc. is a national provider of
comprehensive technology and outsourcing solutions that help
insurance companies and employers mitigate risk, comply with
complex regulations and save time and money. Patriot National
provides general agency services, technology outsourcing, software
solutions, specialty underwriting and policyholder services, claims
administration services, self-funded health plans and employment
pre-screening services to its insurance carrier clients, employers
and other clients. Patriot National is headquartered in Fort
Lauderdale, Florida. For more information about Patriot National,
please visit www.patnat.com.
Forward Looking Statements
This press release may include statements that may
be deemed to be forward-looking statements, including statements
regarding the Company’s expectations as to the timing and outcome
of the internal review and the filing of the Annual Report on Form
10-K for the year ended December 31, 2016. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook,” “Guidance,” and similar expressions are used to identify
these forward-looking statements. By their nature, forward-looking
statements involve risks and uncertainties, and there are important
factors that could cause actual results to differ materially from
those indicated in these statements, including the following: the
discovery of additional information relevant to the internal
review; the conclusions of the Company’s Audit Committee (and the
timing of the conclusions) concerning matters relating to the
internal review; the timing of the review by, and the conclusions
of, the Company’s independent registered public accounting firm
regarding the internal review and the Company’s financial
statements; the risk that the completion and filing of the Annual
Report on Form 10-K will take longer than expected as well as those
matters contained in our filings with the Securities and Exchange
Commission. Although we base these forward-looking statements on
assumptions that we believe are reasonable when made, we caution
you that forward-looking statements are not guarantees of future
performance or events and that results may differ materially from
statements made in or suggested by the forward-looking statements
contained in this press release. Any forward-looking statement that
we may make in this press release speaks only as of the date of
such statement, and we undertake no obligation to update any
forward-looking statement or to publicly announce the results of
any revision to any of those statements to reflect future events or
developments.
Media and Investor Contact:
Cindy Campbell
Director of Investor Relations
Patriot National, Inc.
(954) 670-2907
CCampbell@patnat.com