Message #6 From:
NewsBot Date: December 14, 2006 04:10:00 PM
ADVB News Advanced Biotherapy to Restate 2005 and 2006 Financial Statements
CHICAGO--(BUSINESS WIRE)--Advanced Biotherapy, Inc. (OTCBB:ADVB) announced today that it plans to
restate its 2005 audited financial statements and its 2006 quarterly
unaudited financial statements as follows:
1. Revise its Statements of Operations in its Form 10-KSB for the
year ended December 31, 2005 to reclassify the amount
described as "Vesting of Options and Warrants (Non-Cash)"to
identify the specific expense that such amount relates to, but
the Company has not yet determined such expenses, and no
additional expense will result from this reclassification.
2. Revise Note 5 -Patents and Patents Pending - to disaggregate
the total carrying value by existing patents and patents
pending.
3. Revise Note 7 -Concentrations, Bank Accounts and Investments -
to reclassify its auction rate securities for 2004 between
cash and investments, which will cause the Company to correct
its reporting in 2005 for the sale of those securities.
4. Revise Note 12 - Conventional Convertible Debt - to recognize
in 2005 an additional expense as a finance charge estimated to
be no greater than $100,000 in connection with the Company's
reduction of the conversion price from $0.25 to $0.24 per
share with respect to its outstanding 2000 and 2002
convertible notes.
Company President and Chief Executive Officer, Christopher W. Capps said
today that “the Company appreciates the
guidance of the Securities and Exchange Commission in these matters and,
with the oversight of the Company’s Audit
Committee, we have instituted procedures to avoid such errors in the
future. Mr. Capps commented that the restatements of the financial
statements for 2005 are expected to have the effect of increasing the
net loss for that year by an amount estimated to be no greater than
$100,000. The Company anticipates filing the amended Forms 10-KSB and
10-QSB in January, 2007.
About Advanced Biotherapy
The Company, a pioneer in anticytokine therapy, has demonstrated the
effectiveness of its pioneering scientific strategy by conducting
investigational clinical trials treating patients suffering from AIDS,
multiple sclerosis, rheumatoid arthritis, corneal transplant rejection
and certain autoimmune skin conditions, including alopecia, all Th1
mediated autoimmune diseases which appear to have the same
proinflammatory Th-1 activity. Advanced Biotherapy is headquartered in
Chicago with laboratories in Columbia, Maryland. The Company has an
extensive patent portfolio including 7 issued patents.
Forward-Looking Statements
Statements made in this news release, other than statements of
historical fact, are forward-looking statements and are subject to a
number of uncertainties that could cause actual results to differ
materially from the anticipated results or other expectations expressed
in our forward-looking statements. Some of these forward-looking
statements may be identified by the use of words in the statements such
as "anticipate," "estimate," “could”
"expect," "project," "intend," "plan," "believe,”“seek,”“should,”“may,”“assume,”“continue,”
variations of such words and similar expressions. These statements are
not guarantees of future performance and involve certain risks,
uncertainties, and assumptions that are difficult to predict. We caution
you that our performance and results could differ materially from what
is expressed, implied, or forecast by our forward-looking statements.
The Company operates in a rapidly changing environment that involves a
number of risks, some of which are beyond the Company’s
control. Future operating results and the Company’s
stock price may be affected by a number of factors, including, without
limitation: (i) opportunities for acquisition of a revenue generating
business; (ii) opportunities for licensing agreements with
pharmaceutical companies relating to the Company’s
patents; (iii) opportunities for joint ventures and corporate
partnering; (iv) regulatory approvals of preclinical and clinical
trials; (v) the results of preclinical and clinical trials, if any; (vi)
health care guidelines and policies relating to prospective Company
products; (vii) intellectual property matters (patents); and (viii)
competition. See the Company's public filings with the Securities and
Exchange Commission for further information about risks and
uncertainties that may affect the Company and the results or
expectations expressed in our forward-looking statements, including the
section captioned "Factors That May Affect The Company" contained in the
Company's Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2005. Given these risks and uncertainties, any or all of
these forward-looking statements may prove to be incorrect. Therefore,
you should not rely on any such forward-looking statements. Except as
required under federal securities laws and the rules and regulations of
the SEC, we do not intend to update publicly any forward-looking
statements to reflect actual results or changes in other factors
affecting such forward-looking statements.
