Comstock Homebuilding Companies, Inc. Receives a Going Concern Opinion From Its Auditors in Connection With Its 2007 Audit
April 01 2008 - 7:00AM
Marketwired
RESTON, VA ("Comstock" or the "Company") announced that in
connection with their unqualified opinion regarding the Company's
2007 audit, the Company's independent registered public accounting
firm, PricewaterhouseCoopers, indicated their belief that declining
market conditions and the significant amount of the Company's debt
which matures in 2008 creates substantial doubt that the Company
would continue operating as a going concern.
This announcement is in compliance with the Nasdaq Rule
4350(b)(1)(B) requiring separate disclosure of receipt of an audit
opinion that contains a going concern qualification, and does not
reflect any change or amendment to the December 31, 2007 financial
statements which were prepared by the Company as if it would
continue operating as a going concern. The Company's financial
statements were filed with the Securities and Exchange Commission
on March 24, 2008 in connection with the Company's Current report
on Form 10-K for the year ended December 31, 2007.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies, Inc. is a
publicly traded, diversified real estate development firm with a
focus on affordable priced for-sale residential products. Comstock
builds and markets single-family homes, townhouses, mid-rise
condominiums, high-rise condominiums, mixed-use urban communities
and active adult communities. The company currently markets its
products under the Comstock Homes brand in the Washington, DC;
Raleigh, North Carolina; and Atlanta, Georgia metropolitan areas.
Comstock Homebuilding Companies, Inc. trades on NASDAQ under the
symbol CHCI. For more information on the Company or its projects
please visit www.comstockhomebuilding.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans,"
"should," "seeks," and similar expressions, including statements
related to Comstock's expected future financial results and
anticipated growth in the Washington, DC housing market, are
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause future
results to differ materially from those projected or contemplated
in the forward-looking statements. These risks and uncertainties
include, but are not limited to, economic, market and competitive
conditions affecting Comstock and its operations and products,
risks and uncertainties relating to the market for real estate
generally and in the areas where Comstock has projects, the
availability and price of land suitable for development, materials
prices, labor costs, interest rates, Comstock's ability to service
its significant debt obligations, fluctuations in operating
results, anticipated growth strategies, continuing relationships
with affiliates, environmental factors, government regulations, the
impact of adverse weather conditions or natural disasters and acts
of war or terrorism. Additional information concerning these and
other important risks and uncertainties can be found under the
heading "Risk Factors" in the Company's most recent form 10-K, as
filed with the Securities and Exchange Commission on March 24,
2008. Comstock specifically disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Media Contact: Bruce Labovitz Email Contact 703.230.1131
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