Focus Enhancements Files 10-K for Fiscal Year 2007
April 04 2008 - 4:30PM
Business Wire
Focus Enhancements, Inc. (NASDAQ:FCSE), a worldwide leader in Ultra
Wideband (UWB) wireless technology, video conversion and digital
media products announced it filed its 10-K for the fiscal
year-ended December 31, 2007 on March 28, 2008. In the 10-K, Burr,
Pilger & Mayer LLP, the company�s independent registered public
accounting firm, included an explanatory paragraph in its 2007
audit report on the company�s financial statements relating to the
uncertainty of the company's ability to continue as a going
concern. Burr, Pilger & Mayer LLP included similar explanatory
paragraph in its report for the year-ended December 31, 2006.
Nasdaq Marketplace Rules require Nasdaq-listed companies to
publicly announce the receipt of an audit opinion containing a
�going concern� qualification. At December 31, 2007, Focus
Enhancements reported cash equivalents plus available credit
facilities of approximately $1.9 million. On February 14, 2008, the
company restructured $11.5 million of debt and raised $9.3 million
of additional working capital. Additionally, on March 4, 2008, the
company secured a $6.5 million credit facility with Heritage Bank
of Commerce, replacing its credit facility with Greater Bay Bank.
Safe Harbor Statement Statements in this press release which are
not historical, including statements regarding management�s
intentions, hopes, expectations, representations, plans or
predictions about the future are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially are specified in the company's Form 10-K for
the year ended December 31, 2007, as well as other filings with the
SEC. These statements are based on information as of April 4, 2008
and the company assumes no obligation to update any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Focus Enhancements (NASDAQ:FCSE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Focus Enhancements (NASDAQ:FCSE)
Historical Stock Chart
From Jul 2023 to Jul 2024