BakBone Finalizes Its Internal Analysis and Review
SAN DIEGO, Aug. 26 - BAKBONE SOFTWARE (TSX: BKB; Pink Sheets: BKBO) publishes its fifth open letter to shareholders, customers and strategic partners from president and CEO, Jim Johnson.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031120/SDBAKLOGO)
Dear Fellow Stakeholders:
I committed in my letter of June 23 to issue regular updates. Let me bring you up-to-date on the status of the two issues I shared with you which remained outstanding as of my last communication.
Regarding both the major OEM contract and the EMEA issues, we have worked diligently over the past two months to conclude our internal review and analysis. This work is complete and has been provided to our independent auditors for their iterative audit process. Unfortunately, we cannot predict the length of their review process nor that other issues may surface during their analysis. During this iterative audit process, I can assure you that all internal resources continue to be dedicated to finalizing this process as quickly as possible. We are not taking our eye off the ball.
Once financial reports have been distributed, we will make application to the Canadian Securities Commissioners to lift the cease trade order and resume trading on the Toronto Stock Exchange. In the U.S., in addition to relisting on the Over-the-Counter Bulletin Board, we will consider additional listing alternatives following the timely filing of our financial statements.
We look forward to issuing our next communication announcing the date of our earnings conference call and press release which will provide a detailed report of how the Company is progressing both from an operational and financial perspective.
Sincerely,
Jim Johnson
President and CEO
Safe Harbor
This communication contains forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause BakBone's results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, any statements, express or implied, regarding BakBone's anticipated timing for the completion of its financial statements and internal controls evaluation and the prospects for continued liquidity in the Company's stock. The potential risks and uncertainties may include, but are not limited to, risks that the review of our financial statements and internal controls evaluation will result in adjustments, which may be material, that the Company does not currently anticipate; risks that accounting issues other than those we have identified may cause additional delays or adverse consequences; risks that the review and filing of our financial statements may not be completed in accordance with our expectations as to timing; and risks that our stock will not be relisted on the TSX or the OTCBB. Our forward-looking statements should be considered in the context of these and other risk factors disclosed in our most recent report filed with the Securities and Exchange Commission, which may be found at http://www.sec.gov, as well as those risk factors disclosed in the current report filed with the Canadian Securities Administrators, which is available on SEDAR at http://www.sedar.com. All future written and oral forward-looking statements made by us or on our behalf are also subject to these factors. BakBone assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
BakBone Investor Relations
Karen Fisher
858-795-7525
karen.fisher@bakbone.com
BakBone Media Contact
Dani Kenison
858-795-7584
dani.kenison@bakbone.com
