IA Global Announces Delayed Filing of Form 10-Q and NYSE AMEX Deficiency Notice
25 November 2009 - 12:30AM
Business Wire
IA Global, Inc. (NYSE AMEX US: IAO) (the “Company”) announced
that it would not file its Form 10-Q for the three months ended
September 30, 2009 as required by November 23, 2009. This delay is
due to the late and incomplete receipt of September 30, 2009
financial records for Global Hotline, Inc. and a review of its
investment in Taicom Securities Co Ltd. The Company expects to file
the Form 10-Q on approximately December 7, 2009.
Preliminary Results for the Three
Months Ended September 30, 2009
Preliminary results for the three months ended September 30,
2009 are as follows:
Total assets- $23 million as of September 30, 2009 Total
liabilities- $36-$38 million as of September 30, 2009 Total
stockholder deficit- $13.6-$15.1 million as of September 30, 2009
Sales- $9-$10 million for the three months ended September 30, 2009
Net loss- $2.8 million for the three months ended September 30,
2009
Additional details will be provided with the filing of the Form
10-Q for the three months ending September 30, 2009. The financial
results are subject to adjustment, including the review of the $2.8
million investment in Taicom Securities Co Ltd.
Receipt of NYSE AMEX Deficiency
Letter Dated November 23, 2009
The Company received a Deficiency Letter from the NYSE AMEX
Stock Exchange dated November 23, 2009. In this letter, Staff has
now determined that the Company has not filed its Form 10-Q for the
three months ended September 30, 2009. The timely filing of this
report is a condition of the Company’s continuing listing on the
Exchange, as required by Sections 134 and 1101 of the Exchanges
Company Guide. In addition, the Company’s failure to file this
report is a material violation of its listing agreement with the
Exchange. Pursuant to 1003(d) of the Company Guide, the Exchange is
authorized to suspend, and unless prompt corrective action is
taken, remove the Company’s security from the Exchange.
The Company is required to submit a plan to the Exchange on
December 7, 2009 and which brings the Company in compliance with
Sections 134 and 1101 of the Exchanges Company Guide by February
22, 2010.
About IA Global,
Inc.
IA Global is a Business Process Outsourcing (“BPO”) and
financial services corporation targeting the B2B and B2C markets in
the Asia Region. The Company is seeking to expand its investments
in the BPO, B2B and financial services sectors. In Japan, IA Global
is the 100% owner, except as disclosed, of Global Hotline, Inc., a
BPO organization, which operates several major call centers
providing primarily outbound telemarketing services for
telecommunications and insurance companies. In the Philippines, IA
Global operates as Global Hotline Philippines Inc., a BPO
organization, providing inbound and outbound telemarketing
services, as well as collocation facilities, to a variety of
industries. In the Asia region, the Company has an equity
investment of 20.25% in Slate Consulting Co Ltd.
For further information, contact: Investor Relations IA Global,
Inc. 101 California Street, Suite 2450 San Francisco, CA 94111
415-946-8828 (t) 415-946-8801 (f)
ir@iaglobalinc.com
www.iaglobalinc.com
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements (within the meaning of Section 27a of the Securities Act
of 1933 and Section 21e of the Securities Exchange Act of 1934)
regarding us and our business, financial condition, results of
operations and prospects. Forward-looking statements in this press
release reflect the good faith judgment of our management and are
based on facts and factors currently known to us. Forward-looking
statements are subject to risks and uncertainties, and actual
results and outcomes may differ materially from the results and
outcomes discussed in the forward-looking statements as a result of
either the matters set forth or incorporated in this press release
generally or certain economic and business factors, some of which
may be unknown to and/or beyond the control of IA Global.
Specifically, we are exposed to various risks related to legal
claims, our need for additional financing, our level of
indebtedness, our NYSE AMEX listing, our investment in Taicom
Securities Co Ltd., declining economic conditions, our Global
Hotline business, our controlling shareholder groups, the sale of
significant numbers of our shares and volatility in the market
price of our common stock. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. We do not undertake, and we
expressly disclaim, any obligation to revise or update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of the press
release.
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