MYFT Provides Update on Audit, Earnings Dates
April 26 2012 - 5:59PM
Marketwired
myFreightWorld (PINKSHEETS: MYFT) announced today that its audit
will be delayed 30-60 days.
"I am as frustrated as our public shareholders that we will not
be able to keep our promise to audit our books and present those
results by April 27," said Kevin C. Childress, President and CEO.
"The good news in this situation is that the entire delay is the
result of several complex transactions undertaken by previous
management during 2010 and 2011, prior to my arrival. These
transactions have important implications for tax and balance sheet
entries not only for MYFT but for the previous owners of
myFreightWorld.com, who also happen to be some of our Board
members. The intricacy of these transactions has required us to
spend hundreds of hours and thousands of dollars in getting the
entries right and in accordance to both GAAP and the US Tax Code.
We are required to do this in order to present the independent
auditors of MYFT with year-end balance sheets for 2010 and 2011
that can be certified. That first step is necessary so that we can
present our financials in GAAP for 2011 and beyond."
"We continue to expect profitability on an EBITDA basis during
the third quarter and after. That is the most important thing to us
right now," said Childress.
Childress concluded, "Importantly, the transactions of previous
management and ownership have absolutely no bearing on the
operations of the Company at the present time. So the information
void in which investors find themselves is due to events of one and
two years ago that are totally irrelevant to our current operations
and prospects. We are bringing this situation to a conclusion as
soon as possible. Also very important is the fact that we will
complete an audit. While I dislike the lateness of the timing, it
is more important to get it right late than wrong early."
Contact: myFreightWorld Investor Relations Email Contact
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