American Water Star Inc. Files Its Form 10-KSB with a 'Going Concern' Qualification and Has Submitted a Plan to AMEX for Its Fir
June 09 2005 - 8:00AM
Business Wire
American Water Star Inc. (AMEX: AMW) filed its annual report on
Form 10-KSB for fiscal year 2004 on June 6, 2005. AMW is not in
compliance with the continued listing standards of the American
Stock Exchange ("AMEX"), but its listing is being continued
pursuant to an extension granted upon the acceptance of its plan
(rectifying its deficiency in reporting obligations) by AMEX on May
26, 2005. Included in AMW's Form 10-KSB is a going concern
qualification from AMW's auditor, relating to AMW's fiscal 2004
financial statements. This public announcement of the going concern
qualification is in compliance with the AMEX Company Guide Section
610. AMW's independent registered public accounting firm issued the
going concern qualification because of AMW's accumulated deficit
and the need to obtain additional financing to fund payment
obligations and to provide working capital for operations. AMW
management is seeking additional financing, which if successful,
should mitigate the factors that have raised doubt about AMW's
ability to continue as a going concern. As stated in previous press
releases, AMW still plans to file, as soon as practicable, amended
reports on Forms 10-QSB for the quarterly periods ended March 31,
2004, June 30, 2004 and Sept. 30, 2004 to include restatements of
the financial statements as concluded by AMW's audit committee and
its independent registered public accounting firm. Additionally,
AMW has triggered another deficiency under AMEX's Company Guide
Section 1003(d), 134, 1101 due to AMW not filing its quarterly
report on Form 10-QSB for the period ended March 31, 2005. AMEX has
notified AMW about this deficiency. AMW submitted a plan to AMEX on
June 8, 2005 advising AMEX of AMW's actions it has taken or will
take to bring AMW into compliance with Sections 134, 1101 and
1003(d). About American Water Star Inc. American Water Star Inc.
("AMW") is a publicly traded company and is engaged in the beverage
bottling industry. Its product brands are licensed and developed
in-house, and bottled in strategic locations throughout the United
States. AMW's beverage products are sold by the truckload,
principally to distributors, who sell to retail stores, corner
grocery stores, convenience stores, schools and other outlets. At
AMW, we believe our great-tasting, new zero sugar, zero calorie
flavored water beverages have positioned us to capture a large
share of the market for healthy flavored waters. Our product line
consists of four branded beverages: Geyser Sport; Geyser Fruit;
Geyser Fruta; and Hawaiian Tropic. Geyser Sport is a sugar-free,
calorie-free, carb-free fruit flavored beverage fortified with
vitamins and calcium, offered in eight different fruit flavors.
Geyser Fruit is a non-carbonated water with a low sugar content,
also offered in eight different flavors. Geyser Fruta is targeted
to the Hispanic market and includes authentic Latin flavored
beverages. Our Hawaiian Tropic products feature sugar-free, no
carbohydrate, caffeine-free, sodium-free tropical drinks offered in
four flavors. Forward-Looking Statements This press release may
contain statements that constitute "forward-looking statements" as
defined under U.S. federal securities laws. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate,"
"establish," "project" and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. These risks include, but are not limited to, our
ability to meet our working capital needs to continue operations;
to alleviate the going concern qualification; management's ability
to seek additional funding; our ability to file the amended
quarterly reports for 2004; any additional work that may be
required for our financial statement preparation of our 2005 first
quarter 10-QSB; obtaining required consents from our previous
independent auditor; AMEX's acceptance of our proposed plan
regaining compliance; our ability to become an industry leader;
changes in economic conditions; changes in the non-alcoholic
beverages business environment, including actions of competitors
and changes in consumer preferences; our ability to capture market
share; the effectiveness of our advertising and marketing programs;
fluctuations in the cost and availability of raw materials or
necessary services; our ability to avoid production output
disruptions; our ability to achieve earnings goals; regulatory and
legal changes; our ability to penetrate developing and emerging
markets; litigation uncertainties; and other risks discussed in our
filings with the SEC, including our Annual Report on Form 10-KSB,
Quarterly Reports on Form 10-QSB, and Current Reports on Form 8-K,
which reports are available from the SEC. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. We undertake no obligation to publicly
update or revise any forward-looking statements to reflect current
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
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