posted
Cargo Connection Logistics Holding, Inc. Requests Hearing From NASD
INWOOD, NY, May 18, 2006 (MARKET WIRE via COMTEX) -- Cargo Connection Logistics Holding, Inc. (CRGOE) (Berlin: CD6) (Frankfurt: 217026) today announced that it has applied to the NASD for a hearing regarding the potential de-listing of the Company from the OTCBB.
"It is our goal to get our 10-KSB filed before the grace period extension expired, but we cannot take any chances and we are doing this as a precautionary measure to protect our shareholders," said Scott Goodman, Cargo Connection Logistics Holding, Inc. CFO. "The Company had just about completed the process to file its 10-KSB in a timely manner last month when our independent registered public accounting firm identified a reporting problem. The issue dealt with the reporting of Derivative Financial Instruments. The Company had to review and possibly have to restate its financials going back to 2003 when the instruments were first entered into by the Company. The research and restatement timing has caused the Company to miss the filing time for the 10-KSB, thereby having the "e" designation added to its stock symbol.
"We had to have a certified financial analyst assist in researching and analyzing the effect of the financial instruments associated with the designation as a derivative instrument," Goodman added. "Their opinion and assessment has been rendered to the Company and is being verified by our independent registered public accounting firm. In addition, the Company is required to go back and restate the numbers from our predecessor company, Championlyte Holdings, Inc. This will require a restatement of the 2004 audited financial statements which affects the 2005 audited financial statements and the filing of with the SEC."
"We are hoping that this will all be completed in short order," Goodman said. "Once this 10-KSB is complete, the following 10-QSB's and 10-KSB's should all process in a timely fashion. We appreciate the continued stockholder support and their understanding of what the company has been experiencing during this difficult time."
IP: Logged |
posted
No Monte, they are requesting a hearing because their late filing puts them at risk of being delisted. If you don't follow CRGO, it's a lot to explain.
Hope the SEC is in a listening mood. On the trader side, maybe another chance to pick up cheap shares. The company has too much 'now and later' to keep it down.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
