Press Release Source: Axesstel, Inc. Axesstel Files 10K for Fiscal Year 2008 On Wednesday April 29, 2009, 5:49 pm EDT
SAN DIEGO--(BUSINESS WIRE)--Axesstel, Inc. (AMEX: AFT - News), a leader in the design and development of fixed wireless voice and broadband data products, announces the filing of its 10-K for the fiscal year-ended December 31, 2008 on March 27, 2009. In the 10-K, Gumbiner Savett Inc., the company's independent registered public accounting firm, included an explanatory paragraph in its 2008 audit report on the company's financial statements relating to the uncertainty of the company's ability to continue as a going concern. Section 610 of the Amex Company Guide requires Amex-listed companies to publicly announce the receipt of a "going concern" audit opinion.
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The company finished 2008 with record revenues of $109.6 million and achieved its first full year of profitability with net income of $1.4 million, compared to revenues of $82.4 million and a net loss of $9.0 million in 2007. The company issued guidance on February 26, 2009 stating it expects revenue in 2009 to again exceed $100 million and the company to be profitable for the year.
ABOUT AXESSTEL, INC.
Axesstel (AMEX: AFT - News) is a recognized industry leader in the design and development of fixed wireless voice and broadband data products. Axesstel's best in class product portfolio includes wireless web computers, broadband modems, 3G gateways, voice/data terminals, fixed wireless desktop phones and public call office phones for access to online computing, high-speed data and voice calling services. The company delivers innovative fixed wireless solutions to leading telecommunications operators and distributors worldwide. Axesstel is headquartered in San Diego, California with a research and development center in Seoul, South Korea. For more information on Axesstel, visit www.axesstel.com.
(C) 2009 Axesstel, Inc. All rights reserved. The Axesstel logo is a trademark of Axesstel, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements relating to market penetration and conditions, product capabilities and the timing of new product introductions which may affect future results and the future viability of Axesstel. Axesstel wishes to caution readers that actual results could differ materially from those suggested by the forward-looking statements due to risks and uncertainties and a number of important risk factors. Those factors include but are not limited the risk factors noted in Axesstel's filings with the Securities and Exchange Commission, such as to the need for additional working capital; economic and political instability in developing markets served by Axesstel; unforeseen manufacturing difficulties, unanticipated component shortages, competitive pricing pressures and the rapidly changing nature of technology and frequent introductions of new products and enhancements by competitors; the competitive nature of the markets for Axesstel's products; product and customer mix, Axesstel's need to gain market acceptance for its products; dependence on a limited number of large customers; potential intellectual property related litigation; Axesstel's need to attract and retain skilled personnel; and Axesstel's reliance on its primary contract manufacturer. All forward-looking statements are qualified in their entirety by this cautionary statement, and Axesstel undertakes no obligation to revise or update this press release to reflect events or circumstances occurring after this press release.