MCZ, We have a minor hic up in the momo.....
Mad Catz Moves Fiscal 2008 Third Quarter Reporting, Conference Call and Webcast to February 19
Wednesday February 13, 4:45 pm ET
SAN DIEGO--(BUSINESS WIRE)--Mad Catz Interactive, Inc. (“Mad Catz” or “the Company”) (AMEX/TSX: MCZ), a leading third party interactive entertainment accessory provider, announced today that it will now release its fiscal 2008 third quarter results after the market closes on Tuesday, February 19th, 2008 and will host a conference call and webcast that same day at 5:00 p.m. ET. The Company previously planned to report results and host its conference call and webcast on February 14th.
Updated details of the Company’s fiscal 2008 third quarter conference call and webcast follow:
Conference Call:
Tuesday, February 19th, 2008 at 5:00 p.m. ET
Dial-in Number:
800/255-2466 (U.S. & Canada), 212/676-4901 (International)
Webcast:
www.madcatz.com, select "Investors"
Web Replay:
30 days
Call Replay Until:
Tuesday, February 26th, 2008 at 7:00 p.m. ET
Replay Number:
800/633-8284 or 402/977-9140 (International)
Access Code:
21374260
For the conference call, please call five minutes in advance to ensure that you are connected. Questions and answers will be taken only from participants on the conference call. For the webcast, please allow 15 minutes to register and download and install any necessary software.
As previously reported, the Company completed the acquisition of the outstanding shares of Winkler Atlantic Holdings Limited (“Winkler”), a private company and owner of Saitek, on November 20, 2007. As a result of this acquisition, the Company is required to: a) submit an amendment on Form 8-K/A with the U.S. Securities and Exchange Commission to the Form 8-K filed by the Company on November 20, 2007 and a Business Acquisition Report with the Ontario Securities Commission, both including the past two years’ audited financials of Winkler and its five Saitek operating subsidiaries, along with pro forma financials showing the impact of the acquisition on Mad Catz’ financial statements for fiscal 2006, fiscal 2007, six-months ended August 31, 2007 and six-months ended August 31, 2006; b) consolidate into its interim financial statements for the three and nine month period ended December 31, 2007, the financial statements of Winkler and its five Saitek operating subsidiaries.
As a result of the extraordinary magnitude of work involved, the Company has been unable to complete and file the Form 8-K/A and Business Acquisition Report by the February 4, 2008 deadline (75 days after the date of closing the acquisition) and will not be able to complete its third quarter statements by the February 14, 2008 deadline (45 days after the end of the interim period) because additional time is needed to finalize the required consolidated financial statements. The Company expects to file the interim financial statements by February 19, 2008 and the Form 8-K/A and Business Acquisition Report no later than March 4, 2008.
The Ontario Securities Commission has indicated that in accordance with its Policy 57-603, should the Company fail to file the interim financial statements and MD&A on or before April 14, 2008, a cease trade order may be imposed by the applicable securities commissions, requiring that all trading of securities of the Company cease for such periods as may be specified in the order. It is anticipated that until the financial statements and management discussion and analysis (“MD&A”) are filed, the directors and senior officers of the Company will be subject to the cease trade order of the Ontario Securities Commission prohibiting such persons from trading in the securities of the Company. The Company intends to satisfy the provisions of the alternate information guidelines of Policy 57-603 for as long as it remains in default of the financial statement filing requirements of applicable Canadian securities laws.
About Mad Catz Interactive, Inc.
Mad Catz is a global leader in providing innovative peripherals for the interactive entertainment industry. Mad Catz designs and markets accessories for video game systems and publishes video game software, including the industry-leading GameShark video game enhancements, under its Mad Catz, GameShark and Joytech brands. Mad Catz also designs and markets mice, keyboards, headsets, PC gaming controllers and other PC peripherals through its Saitek brand, and recently began manufacturing and marketing proprietary portable earphones under its AirDrives brand. Mad Catz distributes its products through most of the leading retailers offering interactive entertainment products and has offices across Canada, Europe and Asia. For additional information please go to www.madcatz.com, as well as www.gameshark.com, www.airdrives.com, www.saitek.com and www.joytech.net.
Safe Harbor for Forward Looking Statements: This press release contains forward-looking statements about the Company's business prospects that involve substantial risks and uncertainties. The Company assumes no obligation to update the forward-looking statements contained in this press release as a result of new information or future events or developments. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "should," "plan," "goal," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: the ability to fulfill our filing our stated requirements with the Securities and Exchange Commission and Ontario Securities Commission; the ability to maintain or renew the Company's licenses; competitive developments affecting the Company's current products; first party price reductions; the ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; or a downturn in the market or industry. A further list and description of these risks, uncertainties and other matters can be found in the Company's reports filed with the Securities and Exchange Commission and the Canadian Securities Administrators.
Contact:
Mad Catz Interactive, Inc.
Stewart Halpern, 800-831-1442
Chief Financial Officer
or
Jaffoni & Collins Incorporated
Joseph Jaffoni/David Jacoby, 212-835-8500
mcz@jcir.com
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Source: Mad Catz Interactive, Inc.
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