IPII's 10K below seems ominous, almost like PDGE's before the bank pulled the plug on management.... I have already bailed a long time ago and think the price may head back down to the .05 range or so... No way I'd pay current prices, knowing what I know about what happened to PDGE. With revenues shrinking down to below 10 million dollars per year on a 4 quarter projection, I'm going to wait until a cane is on the way to buy that one or a better 10Q report.
Based upon these and other factors, the Company's independent registered public accounting firm included an explanatory paragraph in its audit opinion for the Company's financial statements for the year ended December 31, 2009 raising substantial doubt about the Company's ability to continue as a going concern.
S. Daniel Ponce, Imperial's Chairman of the Board, stated: "2009 presented many challenges to our Company and we expect the business environment in 2010 to continue to be a difficult period characterized by low demand for the Company's products due to the adverse economic conditions prevalent in the construction industry and in particular the Company's primary trade area of Florida.
Mr. Ponce continued, "We are currently seeking a new commercial lender to replace our existing lender and to increase the amount of our line of credit to generate additional liquidity for our continuing operations and enable us to pursue a geographic expansion of our trade area. We are hopeful all of our initiatives will prove successful and enable us to navigate through this prolonged industry downturn until economic conditions improve."For more information, please refer to the Company's Form 10-K for the year ended December 31, 2009 which is being filed with the Securities and Exchange Commission on March 19, 2010 and which will be available on the Company's website www.imperialindustries.com shortly.
