Commodore to Investigate the Financial Results of Phillar Beheer B.V.
Wednesday January 30, 9:11 am ET
BAARN, The Netherlands--(BUSINESS WIRE)--Commodore International Corporation (OTC:CDRL - News) has announced today that as a result of new information that has raised serious doubts about the financial results as disclosed by its subsidiary Phillar Beheer B.V. (“Phillar”) and its own subsidiaries, Commodore has taken steps to intervene in Phillar’s operations. It is currently further looking into the financial and contracts administration of Phillar to validate and secure Phillar’s business.
Commodore further announced that as a result of this new information it has suspended Phillar’s Director from all duties and has appointed a new Director.
The information obtained by Commodore so far from Phillar shows serious inconsistencies in the financial reports and other information. Following validation and conclusion of these findings Commodore will disclose more details to its shareholders. As a result of these findings Commodore may have to substantially adjust its consolidated financials for FY2007.
About Commodore
Commodore International Corporation (OTC: CDRL.PK - News) is a designer, creator and full-service provider of digital media products, content and services. The company sells a complete line of portable digital media products under the Commodore brand, and provides legal media downloads and streams which enables consumers to wirelessly access a wide catalogue of content straight from their own device.
Contact:
Commodore International Corporation
Rob Okhuijsen, +31 (0)626216773
PR and Communications
R.Okhuijsen@m-o.nl
