INX Announces Delay of First Quarter 2010 Results
May 14 2010 - 4:30PM
Business Wire
INX Inc. (NASDAQ: INXI; the “Company”; or “INX”) today announced
that it will not file its Form 10-Q for the fiscal first quarter
ended March 31, 2010 by May 17, 2010 and, accordingly, the Company
intends to file a Form 12b-25 with the Securities and Exchange
Commission.
As previously announced on March 25, 2010, during the process of
closing its books for 2009, the Company identified errors in the
application of EITF 00-21, including the identification of and
accounting for deliverables under multi-element arrangements,
including the treatment of individual product items as separate
deliverables under multi-element arrangements, and the Company's
application of the residual method of revenue recognition for such
multi-element arrangements. The Company is in the process of
evaluating and quantifying the effect of these errors on the timing
of revenue recognized in its current and previously issued
financial statements. The Company is working diligently on this
matter and intends to file its Form 10-Q as soon as
practicable.
ABOUT INX INC.:
INX Inc. (NASDAQ: INXI) is a leading U.S. provider of IP network
communications and data center solutions for enterprise
organizations. INX offers a suite of advanced technology solutions
focused around the entire life-cycle of enterprise IP network
communications and data center infrastructure. Service offerings
are centered on the design, implementation and support of network
infrastructure, including routing and switching, wireless,
security, unified communications, and data center solutions such as
storage and server virtualization. Customers include enterprise
organizations such as corporations, as well as federal, state and
local governmental agencies. Because of its focus, expertise and
experience implementing and supporting advanced technology
solutions for enterprises, INX is well positioned to deliver
superior solutions and services to its customers. Additional
information about INX can be found on the Web at www.inxi.com.
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