Elcom Appoints New Auditors
October 31 2003 - 12:00PM
PR Newswire (US)
Elcom Appoints New Auditors Vitale, Caturano & Company
Appointed as New Auditing Firm NORWOOD, Mass., Oct. 31
/PRNewswire-FirstCall/ -- Elcom International, Inc. (BULLETIN
BOARD: ELCO) , a leading international provider of remotely- hosted
eProcurement and private eMarketplace solutions, today announced
that Vitale, Caturano & Company has been appointed as Elcom's
new auditing firm, replacing KPMG. Vitale, Caturano & Company
is one of the top 100 accounting firms in the U.S., with
international affiliates worldwide. Vitale, Caturano & Company
has approximately 200 partners and associates headquartered in
Boston, Massachusetts. As per SEC Regulations, Elcom will file a
Form 8-K which indicates that KPMG has represented that they have
not had any significant disagreements with Elcom over accounting
policies or published financials. Robert J. Crowell, Elcom's
Chairman and CEO stated "We are very pleased to welcome Vitale,
Caturano & Company as Elcom's auditing firm. We believe that
Elcom will benefit from this local relationship in many ways on a
going forward basis." Company Product Offerings For detailed
information on our PECOS(TM) technology and optional Dynamic
Trading functionality, please visit our website at
http://www.elcominternational.com/products.htm About Elcom
International, Inc. Elcom International, Inc. (OTC:ELCO) (BULLETIN
BOARD: ELCO) is a leading international provider of remotely-hosted
eProcurement and private eMarketplace solutions. Elcom's innovative
remotely-hosted technology establishes the next standard of value
and enables enterprises of all sizes to realize the many benefits
of eProcurement without the burden of significant infrastructure
investment and ongoing content and system management. PECOS
Internet Procurement Manager, elcom, inc.'s remotely-hosted
eProcurement and eMarketplace enabling platform was the first
"live" remotely-hosted eProcurement system in the world. Additional
information can be found at http://www.elcominternational.com/.
About Vitale, Caturano & Company Vitale, Caturano & Company
is one of the top 100 accounting firms in the nation and is a proud
member of Baker Tilly International -- a prestigious global network
of accounting and consulting firms. More information can be found
at http://www.vitale.com/. Information Associated with Fairness
Disclosure Regulation (Regulation FD) Under Regulation FD (Fairness
Disclosure) promulgated by the Securities and Exchange Commission,
the Company would like the investing public and its stockholders to
be aware of the following general information which, from time to
time, the Company may wish to discuss with other parties. The
Company wishes its shareholders in the public marketplace to know
that Elcom has experienced a significant increase in activity under
its contract with Cap Gemini Ernst & Young for the Scottish
Executive. This increase in activity can be attributed to the
National Health Services of Scotland ("NHSS") agreeing to join the
eProcurement Scotland program. In addition, and potentially because
of this, various Councils and other Agencies of the Scottish
Executive. We are extremely pleased by this increase in activity
and believe it will begin producing results during this quarter.
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT Except
for the historical information contained herein, the matters
discussed in this Press Release could include forward-looking
statements or information. All statements, other than statements of
historical fact, including, without limitation, those with respect
to the Company's objectives, plans and strategies set forth herein
and those preceded by or that include the words "believes,"
"expects," "given," "targets," "intends," "anticipates," "plans,"
"intent", "projects", "forecasts" or similar expressions, are
forward-looking statements. Although the Company believes that such
forward- looking statements are reasonable, it can give no
assurance that the Company's expectations are, or will be, correct.
These forward-looking statements involve a number of risks and
uncertainties which could cause the Company's future results to
differ materially from those anticipated, including: (i)
availability and terms of appropriate working capital and/or other
financing to keep the Company operating as a going concern, and the
Company's cash position as of its last Form 10-K and its history of
ongoing operating losses; (ii) the overall marketplace and client's
acceptance and usage of eCommerce software systems, including
corporate demand therefore, the impact of competitive technologies,
products and pricing, particularly given the subsequently larger
size and scale of certain competitors and potential competitors,
control of expenses, revenue generation by the acquisition of new
customers, the acceptance of the Company's system by individual
agencies of the Scottish Executive (Government of Scotland), and
corporate demand for ePurchasing and eMarketplace solutions; (iii)
the consequent results of operations given the aforementioned
factors; and (iv) the anticipated requirement of the Company to
raise additional working capital to fund operations during the
first quarter of 2004 and the availability of any such funding to
the Company (or have no choice but to enter into a bankruptcy
filing or liquidation), and other risks detailed from time to time
in the Company's Annual Report on Form 10-K and in its other SEC
reports and statements. The Company assumes no obligation to update
any of the information contained or referenced in this Press
Release. DATASOURCE: Elcom International, Inc. CONTACT: Investor
Relations of Elcom, Web site: http://www.elcom.com/
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