NEWS
WILMINGTON, DE.—July 15, 2010, RELM Holdings Inc. (RELM: OTC. PK) provided an update to shareholders regarding the status of the Company’s financial reports.
Management has determined after reviewing its accounting practices that the financial reports from the years ended December 31, 2008 and 2009, and the quarterly reports for those periods, will likely require restatement. The adjustments will likely focus on the consolidation of all the subsidiaries of RELM. The quantity and nature of the changes is unknown at this time, but the prior financial statements should not be relied upon.
RELM expects to retain an independent accounting firm to assist in the review, adjustment and documentation of its financial statements, business processes and controls. The Company cannot be certain when the restated financials will be available, but will act expediently to complete its financial review and meet its reporting requirements. In the meantime, the Financial Reports for 2008 and 2009 that were posted on the Companies’ websites have been removed.
SAFE HARBOR
This press release contains forward-looking statements. These statements involve risks and uncertainties, including without limitation the ability of the Company to complete its financial reporting and internal controls review.
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