BEIJING, May 22, 2018 /PRNewswire/ -- Link Motion
Inc., (NYSE: LKM), a leading smart car and smart ride company,
has issued a shareholder letter from the Chairman of the Board Dr.
Vincent Wenyong Shi. In addition,
the Company announces that its Vice President of Capital Markets
will be presenting at the upcoming 19th Annual B. Riley
FBR Investor Conference on Thursday, May
24 at 2:30 p.m. Pacific time.
Finally, the Company plans to host a conference call to update its
investors further following the completion and filing of its 2017
annual report on Form 20-F. Below is the shareholder letter:
Dear Shareholders,
We recently disclosed the circumstances surrounding the reasons
for not being able to file our annual report for the year 2017 on
time. As a result, we also disclosed that until such time that the
necessary accounting classification corrections and related updates
are completed, that the impacted periods' financials should not be
relied upon. We realize this news is unsettling and cause for
concern.
However, the Company is taking every necessary step to put in
place a proper and comprehensive review process in order to make
the necessary adjustments and required disclosures. We pledge to
our shareholders, our employees, and our customers and partners
that we are working tirelessly to make the necessary corrections
and provide the corrected financials as expeditiously as
practicable. In addition, as part of our comprehensive review
process, the Company will also make all necessary and recommended
improvements to its controls and oversight to ensure this does not
happen in the future.
In regards to the allegations brought forth by a former senior
executive, we have turned the matter over to a special committee of
independent board members, who have brought in outside counsel, to
address those matters. We have cooperated fully in this and will
allow them the independence and full support to address those
allegations appropriately.
We are working to ensure that these matters do not distract or
disrupt our core business operations and focus. We reiterate our
commitments and milestones for this year related to our Smart Car
and Smart Ride businesses. As we have previously stated, we expect
to continue to form key partnerships with major industry players
and have identified three key operational milestones we expect to
achieve in 2018 including the commercial rollout of our Smart Ride
business this summer, the further growth of our CarBrain platform
and the resulting revenue and financial impact beginning from these
new businesses.
All of us at Link Motion thank each of you as our shareholders
and for your continued support. We remain committed to completing
the necessary review process and filing current financials as soon
as practicable as well as achieving our business objectives and
future targets.
We will hold an investor update conference call as soon as we
are able to file our updated annual report on Form 20-F.
Sincerely,
Dr. Vincent Shi
About Link Motion Inc.
Link Motion Inc. ("Link Motion" or the "Company" NYSE: LKM)
is a leading smart car and smart ride company. Link Motion's
portfolio of offerings includes enabling technology solutions and
secure connected carputers for the ecosystem of car businesses,
consumer ride sharing services, as well as legacy mobile security,
productivity and other related applications. For more
information on Link Motion, please visit www.lkmotion.com
or the company's U.S. investor relations site here.
Forward-Looking Statements
This news release contains "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, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. All statements other than statements of historical fact
in this press release are forward-looking statements and involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the
Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties. Further information
regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
Media & Investor Relations
MZ North America
Chris
Tyson
Managing Director
949-491-8235
LKM@mzgroup.us
www.mzgroup.us
Luke Zimmerman
Senior Associate
949-259-4987
LKM@mzgroup.us
www.mzgroup.us
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SOURCE Link Motion Inc.