American Spectrum Realty – Resignation of Independent Auditors
15 11월 2014 - 7:07AM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment management and leasing company – today announced that
the Company was notified on November 11, 2014 by its independent
registered accountants, EEPB, P.C. (“EEPB”), that they are
declining to stand for re-election after completion of their audit
of the Company’s financial statements as of and for the year ended
December 31, 2013. EEPB cited the Company’s risk profile and the
limitations on their internal resources as the reasons for their
decision.
On October 30, 2014, EEPB issued an unqualified opinion on the
Company’s 2013 and 2012 financial statements, which the Company
included in its Annual Report on Form 10-K as filed with the
Securities and Exchange Commission on October 31, 2014. Following
their opinion paragraph, EEPB included an explanatory paragraph
indicating that in their opinion, “[T]he Company has recurring
losses from continuing operations and relative low levels of cash
and cash equivalents. These conditions raise substantial doubt
about its ability to continue as a going concern.” EEPB’s
explanatory paragraph contained a reference to Note 3 of the
Company’s financial statements, which included the following:
As of December 31, 2013, the Company had an equity deficit of
$11.5 million and cash and cash equivalents of $2.6 million. Debt
obligations that mature and come due in 2014 total $53.7 million.
In addition, the Company has $22.2 million in vendor obligations
and other accrued liabilities. These liquidity concerns create
uncertainty about the Company's ability to meet its ongoing
obligations in the normal course of business without the sale of
real estate assets. To generate additional liquidity for
maturing obligations, management has increased the pace of asset
sales in 2014, and expects to continue the process into 2015.
Subsequent to the date of EEPB’s unqualified opinion on November
7, 2014, EEPB informed the Company’s Audit Committee of certain
internal control deficiencies that were disclosed by the Company in
its 2013 Annual Report on Form 10-K within Item 9A - Controls and
Procedures.
During the past two fiscal years and the related interim
reporting periods preceding the date of EEPB’s November 11, 2014
notification, there have been no disagreements with EEPB on any
matter of accounting principles or practices, financial statement
disclosure or audit scope or procedure, which would have caused
EEPB to make reference to such disagreements in connection with its
reports.
The Company’s Audit Committee has accepted EEPB’s resignation
and is actively seeking to engage new independent auditors for its
2014 fiscal year, which ends on December 31, 2014.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, retail,
multi-family properties and undeveloped land throughout the United
States. American Spectrum Management Group, Inc., a wholly-owned
subsidiary of the Company, manages and leases all properties owned
by American Spectrum Realty, Inc. as well as for third-party
clients, totaling 9 million square feet in multiple states.
Website: www.asrmanagement.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
American Spectrum (AMEX:AQQ)
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