PureSpectrum, Inc. Releasing Fully Audited 2006 and 2007 FinancialStatements
Nov 17, 2008 15:30:27 (ET)
SAVANNAH, GA, Nov 17, 2008 (MARKET WIRE via COMTEX) -- PureSpectrum, Inc. (PINKSHEETS: PSPM) is releasing fully audited financial statements for 2006 and 2007 to provide shareholders and prospective shareholders with a clear and accurate portrayal of the company's financial status.
The audit was completed by Hancock Askew & Co. LLP in Savannah, Ga., and the financial statements will be available for review at www.pinksheets.com or www.purespectrumlighting.com . PureSpectrum is a development stage company, and the financial statements reflect very low debt for an emerging technology company with significant expenditures primarily allocated to research and development.
As PureSpectrum continues its efforts to elevate its stock to a more senior, established exchange, PureSpectrum CFO Susan Norton said the audited financials are a continuation of the company's commitment to transparency and credibility.
"The decision to proceed with a full audit for 2006 and 2007 is an indication of the company's continued maturation and solidification during the past year," Norton said. "As the company attracts more interest from the institutional investment community, it has become clear that PureSpectrum needs to apply to trade on a more regulated stock exchange. We are now close to finalizing the process of collecting all of the necessary financial data from the company's developmental period in order to be prepared for that move up in exchange status."
Despite recent turbulence in the stock market, PureSpectrum's price per share has remained steady. PureSpectrum announced in the third quarter that the company will enhance revenue potential by initiating contract manufacturing arrangements for the company's unique dimmable Compact Fluorescent Lamps and dimmable linear fluorescent fixtures.
In anticipation of launching a global marketing campaign for both its technologies and products in 2009, PureSpectrum is strengthening its intellectual property by filing additional patent applications for a dimmable CFL bulb, a dimmable ballast for linear fluorescent fixtures and a dimming device for ballast-driven lighting applications. Additionally, the company has retained legal counsel in China for intellectual property protection and has begun the process of filing for international patent protection pursuant to the Patent Cooperation Treaty.
"I think it's important to recognize that PureSpectrum has exited the development stage and is now on the verge of making a sizable contribution to the lighting industry on a worldwide scale," said PureSpectrum president and CEO Lee Vanatta. "Our technologies and products provide environmental and energy quality benefits that are in demand not just in the United States but in all countries trying to identify new energy conservation strategies."
Go to www.purespectrumlighting.com or www.pinksheets.com to view PureSpectrum's full financial documentation through June 30, 2008. Call Jeff Clark at (912) 961-4980 for more information about PureSpectrum, Inc. or contact Shareholder Development Group at (770) 518-3449 or info@shareholderdg.com for investment information.
ABOUT PURESPECTRUM
PureSpectrum, Inc. is a technology company founded and headquartered in Savannah, Ga., that has developed breakthrough patent-pending ballast and dimming technology for artificial lighting. The company's mission stems from an awareness of the increasing urgency to encourage the adoption of energy efficient lighting solutions through superior performance. PureSpectrum continues its commitment to researching and developing technologies and products that satisfy consumer demand and meet energy conservation standards. For more information on PureSpectrum, please call (912) 961-4980 or visit www.purespectrumlighting.com .
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum's products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.
Media Contact
Stephen Weeks
(912) 356-5770
Its a head fake in this market!
It's all about the charts......& DD
