BOSTON, MA--(Marketwire - 02/15/11) - The Evermedia Group, Inc. (Pinksheets:EVRM - News), announced today plans to become a fully reporting 12G company and register with the Securities and Exchange Commission (SEC). To achieve this, Evermedia has retained the services of M&K CPAS, PLLC, ("M&K"), a Public Company Accounting Oversight Board (PCAOB) registered firm to perform audits of the two most recent fiscal years' financial statements and to assist the Company in its intent to list on the OTC Bulletin Board.
"It's with great pleasure that I am able to announce to our shareholders our intent to become a fully reporting company and list on the OTCBB. Several weeks ago we met with the partners and senior auditors at M&K to discuss the audit process and timelines for completing the audit of the respective periods. It is expected that the audit process will take several weeks, which encompasses on-site financial reviews, revenue reconciliations, verification of assets and liabilities, etc.," said Jonathan Sym, Chief Executive Officer of The Evermedia Group. "Upon completion of the 2009 and 2010 financial audits, we will immediately file the necessary forms with the SEC for us to obtain fully reporting status. I look forward to updating our shareholders as we progress further towards our goals."
M&K CPAS is one of the largest firms in the country specializing in small and development stage companies. It currently serves over 140 clients and is among the most reputable and experienced CPA firms in North America. The Houston, Texas-based firm consists of 12 highly experienced top-tier CPAs, more than 20 professional staff members, and enjoys unblemished records with the U.S. Public Company Accounting Oversight Board (PCAOB) and the Canadian Public Accountability Board (CPAB).
"We continue to see strength in contracting opportunities this year and fully expect to continue our history of success, in spite of a weak economy. As a company, we foresee greater revenue growth in the years to come as the number of expected task orders from current contracts progress. In the weeks to come, we look forward to announcing some of our most recent successes as well as our outlook for the year," said Richard Weitzel, Chairman of The Evermedia Group and President of its subsidiary, System Technology Solutions. "We are also beginning to see greater public interest in mobile biometric applications and some consolidation within the industry. Given the opportunity for our biometric division to showcase our proprietary technologies, we affirmatively believe we can become a significant player in this space as well."
The PCAOB is a non-profit corporation established by Congress to oversee audits of public companies by promoting informative, accurate and independent audit reports. The Sarbanes-Oxley Act of 2002, which created the PCAOB, requires auditors of U.S. public companies to be subject to external and independent oversight. The SEC has oversight authority over the PCAOB.
The OTC Bulletin Board or OTCBB is an inter-dealer electronic quotation system in the United States. Although FINRA oversees and runs the OTCBB, it is not part of the NASDAQ stock exchange. Companies quoted on the OTCBB must be fully reporting (i.e. current with all required SEC filings).
The Evermedia Group, Inc. (www.evrm.us) is a Service Disabled, Veteran Owned Small Business (SDVOSB) providing defense and security solutions for government agencies and private entities. In federal contracting, this allows the Company to pursue opportunities available only to companies with this designation under the Veteran's Benefit Act of 2003. Evermedia Group's wholly-owned operating subsidiaries include defense contractor System Technology Solutions, Inc. and biometric technology developer Evermedia Biometrics Corporation. The Evermedia Group, Inc. is headquartered in Boston, Massachusetts.
System Technology Solutions, Inc. (www.sts-corporation.net) provides information technology, engineering, security and logistics services, with operational offices in San Antonio, Texas in addition to business development offices in Washington, DC.
Evermedia Biometrics Corporation (www.evermediabiometrics.com) develops proprietary biometric products with applications to enhance physical, logical and e-commerce security using iris scanning.
Safe Harbor Statement
Certain Statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements are subject to risks and uncertainties including, without limitation, changes in levels of competition, possible loss of customers, and the company's ability to attract and retain key personnel.
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