Teletouch to File Amended and Restated Results of Operations for Fiscal Years 2002 and 2003 Consistent with Its Understanding Wi
15 September 2005 - 6:20AM
Business Wire
Teletouch Communications, Inc. (AMEX:TLL) reconfirmed its prior
guidance that the Company will amend and restate its financial
statements for the fiscal years ended May 31, 2002 and 2003,
respectively, consistent with its understanding with the SEC staff.
Specifically, the Company expects to file its Form 10-K for the
fiscal year ended May 31, 2004 containing its amended and restated
Consolidated Statement of Operations for the years ended May 31,
2002 and 2003, and Consolidated Balance Sheet as of May 31, 2002
and 2003 on or soon after the end of September 2005. The Company
further restated that it appeared that there would be no impact on
the Company's results of operations, financial position or cash
flows for the years ended May 31, 2004 and 2005, respectively. In
the interim, the Company urged investors and other users of the
Company's SEC filings not to rely on the Company's financial
statements for the years ended May 31, 2002 and 2003, to the extent
they are affected by the previously announced accounting issues.
Also, as previously announced, the Annual Report on Form 10-K for
its fiscal year ended as of May 31, 2005, has not been filed due to
the anticipated restatement of the Company's Consolidated Statement
of Operations for the years ended May 31, 2002 and 2003 and its
Consolidated Balance Sheet as of May 31, 2002 and 2003. The readers
of this press release are urged to read carefully the Company's
previous public announcements and regulatory filings with the
Securities and Exchange Commission, including the press release and
a Current Reports on Form 8-K filed with the Securities and
Exchange Commission, both dated September 2 and 7, 2005
respectively. About Teletouch Teletouch Communications, Inc., a
proven U.S. leader in wireless messaging and related network
management, provides a complete suite of mobile asset tracking
solutions using sophisticated, yet cost-effective GPS-based
hardware and software products for fleets, hazardous materials and
"worker-down" emergency notification applications. In addition to
its telemetry business, Teletouch offers two-way radio
communications, cellular and wireless messaging services throughout
the United States. Teletouch's common stock is traded on the
American Stock Exchange under stock symbol: TLL. Additional
product, business and financial information for Teletouch is
available at www.Teletouch.com. This release contains certain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act, as amended, that are based on management's exercise
of business judgment as well as assumptions made by and information
currently available to management. When used in this document, the
words "may," "will," "anticipate," "believe," "estimate," "expect,"
"intend" and words of similar import, are intended to identify any
forward-looking statements. You should not place undue reliance on
these forward-looking statements. Negotiations with respect to the
transaction that are the subject of this release are ongoing and
may result in significant modifications to the transaction. There
can be no assurance that the transaction that is the focus of this
release will be concluded, or if concluded that it will be
concluded on terms currently contemplated. These statements reflect
our current view of future events and are subject to certain risks
and uncertainties as noted in our securities and other regulatory
filings. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our
actual results could differ materially from those anticipated in
these forward-looking statements. We undertake no obligation and do
not intend to update, revise or otherwise publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
any unanticipated events. Although we believe that our expectations
are based on reasonable assumptions, we can give no assurance that
our expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking statements.
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