CellStar Obtains Waiver From Lenders to Extend SEC Filing Date
02 June 2005 - 8:17AM
PR Newswire (US)
CellStar Obtains Waiver From Lenders to Extend SEC Filing Date
CARROLLTON, Texas, June 1 /PRNewswire-FirstCall/ -- CellStar
(NASDAQ:CLSTE), a value-added wireless logistics services leader,
today announced that as of May 31, 2005, the Company has obtained a
waiver from its lenders under its domestic revolving credit
facility to extend the date to file its Annual Report on Form 10-K
for fiscal 2004 and its Quarterly Report on Form 10-Q for the
period ended February 28, 2005, to July 15, 2005. Pursuant to the
waiver, the Company's lenders also agreed to waive certain
financial covenants for the quarters ended November 30, 2004 and
February 28, 2005, and for the quarters ended prior to November 30,
2004, with which the Company would not have been in compliance due
to the contemplated restatements of its financial statements. The
Company had previously obtained a waiver from its lenders to extend
the date to file its 2004 Form 10-K and Form 10-Q for the first
quarter of 2005 to May 31, 2005. On May 26, 2005, the Company
announced that it would be unable to file its Form 10-K for fiscal
2004 by May 31, 2005, because the Audit Committee of the Company's
Board of Directors needed more time to complete its independent
review of certain accounts receivable and revenue issues in the
Asia Pacific Region. About CellStar Corporation CellStar
Corporation is a leading global provider of value-added logistics
services to the wireless communications industry, with operations
primarily in the North American, Latin American and Asia-Pacific
regions. CellStar facilitates the effective and efficient
distribution of handsets, related accessories and other wireless
products from leading manufacturers to network operators, agents,
resellers, dealers and retailers. CellStar also provides activation
services in some of its markets that generate new subscribers for
wireless carriers. Additional information about CellStar may be
found on its Web site at http://www.cellstar.com/ . This news
release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. A variety of risk
factors, including the Company's ability to implement its business
strategies, to maintain its channels of distribution, continue to
secure an adequate supply of competitive products on a timely basis
and on commercially reasonable terms, improve its operating
margins, secure adequate financial resources, maintain an adequate
system of internal control, comply with debt covenants, and
continually turn its inventories and accounts receivable, as well
as changes in foreign laws, regulations and tariffs, new
technologies, system implementation difficulties, competition,
handset shortages or overages, terrorist acts, a decline in
consumer confidence and continued economic weakness in the U.S. and
other countries in which the Company does business and other risk
factors, are discussed in the Company's Annual Report on Form 10-K
and most recent Quarterly Report on Form 10-Q. Any one, or a
combination of these risk factors could cause CellStar's actual
results to vary materially from anticipated results or other
expectations expressed in the Company's forward-looking statements.
DATASOURCE: CellStar Corporation CONTACT: Sherrian Gunn of CellStar
Corporation, +1-972-466-5031, or Web site: http://www.cellstar.com/
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