Stonepath Requests Delay in Filing the Form 10K
March 30 2007 - 8:50PM
PR Newswire (US)
SEATTLE, March 30 /PRNewswire-FirstCall/ -- Stonepath Group
(AMEX:STG), Current financial condition has rendered it unable to
engage its auditors to perform an audit on its 2006 financial
statements, thus Stonepath is unable to prepare and file an Annual
Report on Form 10K for fiscal year ended December 31, 2006 within
the prescribed time period without unreasonable effort or expense.
In addition, there has been a change in the Stonepath's directors
and management. Stonepath's current directors and management are
assessing Stonepath's current financial condition considering the
options available to Stonepath at this time. About Stonepath Group
Stonepath Group is a global, third-party logistics organization
providing a full range of transportation and distribution solutions
to multinational and local businesses including a diverse client
mix of retail leaders, automotive and technology concerns,
government agencies, and defense contractors. This Press Release
includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, regarding future
results, levels of activity, events, trends or plans. We have based
these forward-looking statements on our current expectations and
projections about such future results, levels of activity, events,
trends or plans. These forward-looking statements are not
guarantees and are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, events, trends or plans to be
materially different from any future results, levels of activity,
events, trends or plans expressed or implied by such
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "guidance,"
"may," "will," "should," "could," "would," "expect," "plan,"
"anticipate," "believe," "estimate," "continue" or the negative of
such terms or other similar expressions. Although it is impossible
to identify all of the other factors that may cause our actual
results, levels of activity, events, trends or plans to differ
materially from those set forth in such forward-looking statements,
such factors include the inherent risks associated with: (i) our
ability to sustain an annual growth rate in revenue consistent with
recent results, (ii) our ability to achieve our targeted operating
margins, (iii) our ability to compute our restructuring efforts
within the costs we now expect, (iv) our ability to realize the
planned benefits from our restructuring efforts, (v) our dependence
on certain large customers, (vi) our dependence upon certain key
personnel, (vii) an unexpected adverse result in any legal
proceeding, (viii) competition in the freight forwarding, logistics
and supply chain management industry, (ix) the impact of current
and future laws affecting the Company's operations, (x) adverse
changes in general economic conditions as well as economic
conditions affecting the specific industries and customers we
serve, and (xi) regional disruptions in transportation. Other
factors that might cause or contribute to such a discrepancy
between expected and actual results include, but are not limited
to, those factors identified in our Securities and Exchange
Commission filings (including our Annual Report on Form 10-K for
2005), other public documents and recent press releases, which can
be found on our corporate web site, http://www.stonepath.com/.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date made.
We undertake no obligation to publicly release the result of any
revision of these forward-looking statements to reflect events or
circumstances after the date they are made or to reflect the
occurrence of unanticipated events. For further information
contact: DATASOURCE: Stonepath Group CONTACT: Stonepath Group,
+1-206-802-3890, Web site: http://www.stonepath.com/
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