Dyadic Announces Discovery of Potentially Material Operational and Financial Improprieties at its Hong Kong and Mainland China O
24 Avril 2007 - 10:57PM
Business Wire
Dyadic International, Inc. (AMEX:DIL) today announced that it has
discovered potentially material operational and financial
improprieties at its Hong Kong and mainland China operations
following the recent death of the managing director of its Hong
Kong operations. The Company�s audit committee, upon the advice of
counsel, has initiated an independent investigation of the facts
surrounding these improprieties. Pending the completion of the
investigation, the Company�s chief executive officer and chairman
of its board of directors, Mark A. Emalfarb, will be on a leave of
absence from all of his positions and offices with the Company, and
he has also taken a leave of absence from his position as a member
and chairman of the board. Wayne Moor, the Company�s chief
financial officer, has assumed the position of Chief Executive
Officer on an interim basis during the pendency of the
investigation. Dr. Glenn E. Nedwin, the Company�s chief scientific
officer and a member of the board of directors, has assumed the
additional responsibilities of President on an interim basis during
the pendency of the investigation. Lisa De La Pointe, the Company�s
director of financial reporting, has assumed the additional
responsibilities of Chief Financial Officer on an interim basis
during the pendency of the investigation. As a result of these
improprieties, the Company will not be in a position to make a
timely filing with the Securities and Exchange Commission of its
Quarterly Report on Form 10-QSB for the quarter ended March 31,
2007, nor will it be in a position to announce its operational and
financial results for the quarter. The Company expects to file the
Quarterly Report as soon as practicable. On April 23, 2007, the
Company�s board of directors, upon the recommendation of the audit
committee, determined that the Company�s previously filed financial
statements, including those contained in its Annual Reports on Form
10-KSB and Quarterly Reports on Form 10-QSB, as filed with the SEC,
should no longer be relied upon. The Company has notified and is
working with Ernst & Young LLP, its independent registered
public accounting firm, to address these matters. The Company is in
discussions with the American Stock Exchange regarding the
continued listing of its shares; however, it anticipates that the
Exchange may, in accordance with its rules, initiate delisting
proceedings against the Company. Furthermore, the Company has been
notified by the Exchange that the trading in its shares will
continue to be halted until such time as additional information
regarding these matters is publicly available. About Dyadic Dyadic
International, Inc., based in Jupiter, Florida, with operations in
the United States, Hong Kong and mainland China, Poland and The
Netherlands, is a global biotechnology company that uses its
patented and proprietary technologies (the �Dyadic Platform
Technology�) to conduct research and development activities for the
discovery, development, and manufacture of products and enabling
solutions to the bioenergy, industrial enzyme and pharmaceutical
industries. Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are
"forward-looking statements." These forward-looking statements
involve risks and uncertainties that could cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. For a discussion of
these risks and uncertainties, please see our filings from time to
time with the Securities and Exchange Commission, which are
available free of charge on the SEC's web site at
http://www.sec.gov, including our Annual Report on Form 10-KSB for
the year ended December 31, 2006, and our subsequent filings with
the SEC. Except as required by law, we expressly disclaim any
intent or obligation to update any forward-looking statements.
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