Interactive Systems Worldwide Inc delays filing of quarterly report
Aug 15, 2008 (M2 EQUITYBITES via COMTEX) -- Interactive Systems Worldwide Inc (OTCBB: ISWI.OB), which provides an interactive, client/server based computer system for wagering on sporting events, revealed yesterday (14 August) that it is not yet ready to file its Quarterly Report on Form 10-QSB for the period ended 30 June 2008.
The company cited a lack of financial resources and the anticipated expenses associated with the preparation, independent auditor review and filing of the report.
Interactive Systems Worldwide said that it cannot currently determine when and if it will be able to file the Form 10-QSB.
The company's common stock will shortly no longer be traded on the OTCBB; however it will be quoted on the Pink Sheets.
Interactive Systems Worldwide believes that it achieved an increase in revenues and a decrease in net operating loss for the three months ended 30 June 2008 as compared to the same period in 2007.
If the company is not able to find new financing or enter into a strategic transaction, it may have to cease operations. However if its financial condition improves enough, the company intends to file the Form 10-QSB and regain compliance for quotation on the OTCBB.