NEW YORK, May 3, 2017 /PRNewswire/ -- Wecast Network, Inc.
(NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced
today a change to the Company's independent registered public
accounting firm.
Auditor Change:
Grant Thornton LLP ("Grant Thornton") will succeed KPMG Huazhen LLP
("KPMG") as the Company's independent public accounting firm and
Grant Thornton will review the
Company's financial statements for the quarter ending March 31, 2017, subsequent quarters in 2017 and
the year ending audit for the 12 months ended December 31, 2017 and beyond. The dismissal
of KPMG, was approved by the Audit Committee (the "Audit
Committee") of the Board of Directors (the "Board") of the
Company.
In connection with the audits of the Company's financial
statements for each of the two fiscal years ended December 31, 2016 and 2015, and in the subsequent
interim period from January 1, 2017
through April 27, 2017, there were no
disagreements with KPMG on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedures, which disagreements if not resolved to their
satisfaction would have caused them to make reference in in
connection with their opinion to the subject matter of the
disagreement.
Bing Yang, CEO and Simon Wang,
CFO, in a joint statement said, "Wecast's Board and Audit Committee
regularly review the provision of external audit services, and have
always found KPMG's work to be of the utmost quality. On behalf of
the Board, we would like to thank them for their service to Wecast,
their high professional standards and all they have done to provide
assurance to the Board and shareholders during their time as
Wecast's auditors. In-line with current corporate governance
best practice, this was the right time to conduct a comprehensive
and thorough competitive auditor selection process which began in
early Q1 2017. The AC and Board colleagues are pleased to
appoint Grant Thornton as our new
auditor. Grant Thornton is a
perfect fit with Wecast as it has the expertise, scale and business
efficiencies to meet Wecast's audit requirements as we continue to
grow our business globally. We look forward to their support as we
maintain our independent oversight of the financial affairs of
Wecast Network, Inc."
About Grant Thornton LLP:
Grant Thornton LLP is the
U.S. member firm of Grant Thornton International Ltd, one of the
world's leading organizations of independent audit, tax and
advisory firms. These firms help dynamic organizations unlock their
potential for growth by providing meaningful, forward-looking
advice. Proactive teams, led by approachable partners in these
firms, use insights, experience and instinct to understand complex
issues faced by privately owned, publicly listed and public sector
clients and help them to find solutions. More than 42,000
Grant Thornton people in more than
130 countries are focused on making a difference to clients,
colleagues and the communities in which we live and work.
Grant Thorton's China practice was established in 1981 and it
is one of China's first
accounting firms. As the only member firm of Grant Thornton
International Ltd in the country, it has over 220 partners and more
than 5,000 professionals with over 1,000 CPAs. They work in
23 strategically aligned of offices throughout mainland
China and the Hong Kong SAR.
About Wecast Network, Inc.
Wecast Network is aiming to
be the leading provider of total B2B business solutions for today's
constantly evolving business landscape. With a focus on
"BASE" or Blockchain, Artificial Intelligence, Supply Chain &
Exchanges, Wecast is organized into three cloud-based categories
and business units: Smart Intellectual Property Cloud, Smart
Sales Cloud (Products), and the Transactional Cloud. With the
three clouds functioning both independently and interdependently,
Wecast is creating a vertical, transactional and flexible platform
for today's global enterprises..
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
his press release contains
certain statements that may include "forward looking statements."
All statements other than statements of historical fact included
herein are "forward-looking statements." These forward looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and
Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
CONTACT:
Jason
Finkelstein
Wecast Network,
Inc.
212-206-1216
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wecast-network-announces-grant-thornton-llp-as-new-independent-auditor-300450491.html
SOURCE Wecast Network, Inc.