Attis Provides Update on Quarterly and Planned Annual Filings
15 Mars 2019 - 5:17PM
Planned Transactions on Track
via NEWMEDIAWIRE -- Attis Industries Inc.(NASDAQ: ATIS) (the
“Company” or “Attis”), a diversified innovation and technology
holding company, today provided an update on the status of its
quarterly filing and direction for its annual 10-K
filing. While the Company continues to prepare the
consolidated financial statements with the assistance of outside
valuation and accounting experts, as well as input from its
independent auditor, management believes the Company will become
current in the near future.
Certain transactions into which the Company had
entered over the course of the 2018 calendar year have been complex
by accounting standards. With this complexity comes
certain expectations of valuations and accounting memos, and,
unfortunately, during the time the Company entered into these
complex transactions, the Company was replacing its previous
auditor. The delays ultimately resulting from these issues has
created various issues for the investing public, but the Company
feels confident in its ability to complete and file its quarterly
and annual filings.
The current delinquency of the Company’s filings
has caused delays in securing the necessary capital for planned
acquisitions such as CCS (“Custom Cable Services”), which the
Company remains focused on completing.
More importantly, the Attis Innovations division’s
planned acquisition of Sunoco’s Fulton, NY ethanol plant is a key
step in the Company’s long-term vision of becoming a leader in the
production of low-carbon fuels and biobased
products. Attis has plans for numerous improvements to
the Fulton plant over the next 24 months, with the goal of creating
the industry’s premier renewable energy campus.
“It is without question that the late filings have
created issues; however, we are continuing to work to complete as
quickly as possible our financial statements and assist our
independent auditor as they finalize their audit and review of
these filings. We expect this to be achieved in the near
term based on a recently prepared timeline. Attis
Industries is a disruptor in the massive fossil fuel industry, as
well as carbon fiber and bio-plastics and it is more vital then
ever to present the Company in a solid accounting footing for what
the future holds over the coming months and years for the Company,
its investors and for the green economy,” said Jeffrey Cosman,
CEO of Attis. “We are focused on completing the
immediate tasks of getting all filings current and closing the
Sunoco transaction, which we believe to be on track.”
Attis Industries, Inc.
Attis Industries Inc. (NASDAQ: ATIS)
is a diversified innovation and technology holding
companyfocused on developing and building businesses that play
important roles in the new economy. We strive to
encourage our employees to be entrepreneurs focused on innovation
and technology. We will remain dynamic, persistent and
motivated to our mission of winning. The growth of our
company will rely on our integrity and our vision for the
future. Today, each of Attis business sectors provide high
growth opportunities that collectively account for more than a
third of our nations GDP. For more
information, visit: www.attisind.com
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. You can identify
forward-looking statements by words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“should,” “would” or similar words. You should consider these
statements carefully because they discuss our plans, targets,
strategies, prospects and expectations concerning our business,
operating results, financial condition and other similar matters.
These statements are subject to certain risks, uncertainties, and
assumptions, including, but not limited to, risks and uncertainties
relating to the Company's ability to develop, market and sell
products based on its technology; the expected benefits and
efficacy of the Company's products and technology; the availability
of substantial additional funding for the Company to continue its
operations and to conduct research and development, clinical
studies and future product commercialization; and, the Company's
business, research, product development, regulatory approval,
marketing and distribution plans and strategies; the ability of the
Company to continue to meet the listing requirements of NASDAQ; the
ability of the Company to execute on a business plan that permits
the technologies and innovations businesses to provide sufficient
growth, revenue, liquidity and cash flows for sustaining the
Company’s go-forward business, and the risks identified and
discussed under the caption “Risk Factors” in the Attis Annual
Report on Form 10-K for the fiscal year ended December 31, 2017,
filed with the Securities and Exchange Commission (the “SEC”) on
April 16, 2018 and the other documents Attis files with the SEC
from time to time. There will be events in the future, however,
that Attis is not able to predict accurately or control. Attis’s
actual results may differ materially from the expectations that
Attis describes in its forward-looking statements. Factors or
events that could cause Attis’s actual results to materially differ
may emerge from time to time, and it is not possible for Attis to
accurately predict all of them. Any forward-looking statement made
by Attis in this press release speaks only as of the date on which
Attis makes it. Attis undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
ir@attisind.com
Kevin M. McGrath
TraDigital IR
(212) 389-9782 x104
kevin@tradigitalir.com
Attis Industries (NASDAQ:ATIS)
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