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The Allied Defense Group Announces Going Concern Opinion
Apr 23, 2010 (05:04 PM EDT)
VIENNA, Va., April 23 /PRNewswire-FirstCall/ -- The Allied Defense Group, Inc. (NYSE Amex: ADG) today announced that its audited financial statements for the fiscal year ended December 31, 2009 included in the Company's Annual Report on Form 10-K, filed on April 7, 2010, contained a going concern qualification from its independent registered public accounting firm, BDO Seidman, LLP.
This announcement is required by NYSE Amex Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification. This announcement does not represent any change or amendment to the company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2009.
Safe Harbor for Forward-Looking Statements
This communication, and other statements that the Company may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, with respect to the Company's anticipated financial performance, business prospects and plans and similar matters. Forward-looking statements are typically identified by words or phrases such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning.
The Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and the Company assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in the Company's documents filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services; the impact of increased competition; the impact, extent and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of governmental agencies relating to the Company; terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries and the Company; the occurrence, geographic areas impacted and severity of earthquakes, hurricanes, tornadoes or other natural disasters; and the ability to attract and retain highly talented professionals.
The Company's Annual Report on Form 10-K and the Company's subsequent reports filed with the SEC and accessible on the SEC's website at www.sec.gov discuss certain of these factors in more detail and identify additional factors that can affect forward-looking statements.
About The Allied Defense Group, Inc.
The Allied Defense Group, Inc. is a multinational defense company focused on the manufacture, sale, and distribution of ammunition and ammunition-related products for use by the U.S. and foreign governments. For more information, please visit the Company's web site: www.allieddefensegroup.com.
SOURCE Allied Defense Group, Inc.