Message #26 From:
NewsBot Date: September 25, 2006 05:45:00 AM
GLOW News Glowpoint Provides Update on Ongoing Restatement Process
HILLSIDE, N.J.--(BUSINESS WIRE)--Glowpoint, Inc. (OTC: GLOW),
a world leading broadcast-quality IP-based video managed service
provider, announced today it has decided to restate previously issued
2004 financial statements as well as previously filed 2005 quarterly
reports. The Company has been diligently working to issue all
outstanding financial statements and begin filing current reports on a
timely basis. In connection with this effort, current management
initiated further research into tax and regulatory matters. This
research caused the Company to review and revise certain assumptions and
determinations relating to tax and regulatory matters. As a result of
management's review to date, the Company has decided to restate the
applicable financial statements in order to correctly allocate the
potential tax and/or regulatory liability into the proper period.
The Company believes this restatement will increase the previously
reported selling, general and administration (“SG&A”)
expense and increase previously reported operating losses and net losses
for the indicated fiscal and quarterly periods. Other than corrections
to classifications resulting from the restatement, previously reported
cash flows are not expected to be impacted. Barring any further delays,
the company anticipates completing this process and filing the restated
2004 and 2005 financial statements in the 4th
quarter of 2006.
Glowpoint, Inc. (OTC: GLOW) is a world leading broadcast-quality,
IP-based video managed service provider. Glowpoint offers video
conferencing, bridging, technology hosting and IP broadcasting services
to enterprises, SOHOs, broadcasters, and consumers worldwide. The
Glowpoint network carries an average of more than 60,000 video calls per
month worldwide. Glowpoint is headquartered in Hillside, New Jersey. To
learn more about Glowpoint, visit us at www.Glowpoint.com.
The statements contained herein, other than historical information,
are or may be deemed to be forward-looking statements and involve
factors, risks and uncertainties that may cause actual results in future
periods to differ materially from such statements.These factors,
risks and uncertainties include market acceptance and availability of
new video communication services; the nonexclusive and
terminable-at-will nature of sales agent agreements; rapid technological
change affecting demand for our services; competition from other video
communications service providers; and the availability of sufficient
financial resources to enable us to expand our operations, as well as
other risks detailed from time to time in the our filings with the
Securities and Exchange Commission.
