Digimarc is Now Up to Date on All SEC Filings; Final 10-K Filing Includes Assessment and Attestation Reports as Required by Sect
June 01 2005 - 8:01AM
Business Wire
Digimarc Corporation (Nasdaq:DMRCE) announced today it has filed an
amended Annual Report on Form 10-K for the year ended December 31,
2004. The amendment includes an update to Item 9A, "Controls and
Procedures," to provide management's assessment and the related
attestation report of the Company's independent registered public
accounting firm on internal control over financial reporting as
required by Section 404 of the Sarbanes-Oxley Act of 2002. As
previously announced, management had concluded that there were
material weaknesses in the Company's internal control structure as
of December 31, 2004. The amended Annual Report on Form 10-K
includes the attestation report of the Company's independent
registered public accounting firm, which also concludes that the
Company's internal control over financial reporting was not
effective as of December 31, 2004. This adverse opinion did not
affect the opinion of Digimarc's independent registered public
accounting firm regarding the financial statements included in Form
10-K or Form 10-K/A. The Company and its auditors employed
extensive compensating procedures to provide validation that the
financial statements for 2004 fairly reflect the financial
performance of the Company, despite the internal control weaknesses
that the Company's management identified. The Company believes that
it is fully in compliance with all Nasdaq listing requirements at
this time and that its continued listing on Nasdaq is therefore
appropriate. Now that all required SEC filings have been made, the
Company will request removal of the "E" from the Company's trading
symbol. The Company cannot provide any assurance at this time
regarding the timing of or response to that request or the outcome
of further review of the Company's listing by the Nasdaq Listing
Qualifications Council. About Digimarc Digimarc Corporation
(Nasdaq:DMRCE), based in Beaverton, Oregon, is a leading supplier
of secure media solutions used in a wide range of security,
identification and digital media content applications. Digimarc
provides products and services that enable the production of more
than 60 million personal identification documents, including
two-thirds of U.S. driver licenses and IDs for more than 20
countries. Digimarc's digital watermarking technology provides a
persistent digital identity for various media content and is used
to enhance the security of financial documents, identity documents
and digital images, and support other media rights management
applications. Digimarc has an extensive intellectual property
portfolio, with 192 issued U.S. patents with more than 4,000
claims, and more than 400 pending patent applications in digital
watermarking, personal identification and related technologies. The
Company is headquartered in Beaverton, Oregon, with other U.S.
offices in Burlington, Massachusetts, Fort Wayne, Indiana, and the
Washington, DC, area, and international offices in London and
Mexico. Please go to www.digimarc.com for more Company information.
Securities Safe Harbor Under the Private Securities Litigation
Reform Act of 1995 This release contains certain "forward-looking
statements" that are made pursuant to the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include statements relating to the
status of the Company's compliance with Nasdaq listing
requirements, characters within the Company's trading symbol, and
other statements of management's opinion or expectations, such as
statements containing the words "believes," "expects," "estimates,"
"anticipates" or words of similar import or statements of
management's opinion. These statements are subject to certain
assumptions, risks, uncertainties and changes in circumstances.
Actual results may vary materially due to, among other things, the
decision of either the Nasdaq Listing Qualifications Panel or the
Nasdaq Listing and Hearing Review Counsel concerning the continued
listing of the Company's common stock on Nasdaq, as well as changes
in economic, business, competitive, technological and/or regulatory
factors and trends. Digimarc is not obligated to (and expressly
disclaims any obligation to) revise/update any forward-looking
statements in order to reflect events or circumstances that may
arise after the date of this release. More detailed information
about risk factors that may affect actual results is set forth in
filings by Digimarc with the Securities and Exchange Commission,
including its recent filings on Forms 10-K, 10-Q and 8-K,
including, but not limited to, those described in the Company's
Form 10-Q for the quarterly period ended March 31, 2005, in Part I,
Item 2 thereof ("Management's Discussion and Analysis of Financial
Condition and Results of Operations") under the captions
"Overview," "Restatement of Prior Financial Results," "Critical
Accounting Policies and Estimates," "Liquidity and Capital
Resources," and "Risk Factors," and in Part I, Item 4 thereof
("Controls and Procedures").
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