Notice From Criticare Systems, Inc. Regarding Financial Statements in Form 10-K
MILWAUKEE--(BUSINESS WIRE)--Oct. 5, 1999--CRITICARE SYSTEMS, INC. (NASDAQ-NMS:CXIM) is notifying investors that Criticare does not have an audit report covering the financial statements contained in its Form 10-K filed September 28, 1999. Our accounting firm did not issue an audit report reflected in the Form 10-K. As a result, Criticare cautions investors that the financial statements contained in the 10-K are not audited and should be treated accordingly.
As an explanation to our shareholders, management believes all material issues prior to the filing were clearly communicated, understood and agreed to by our auditors. We were subsequently informed this was not the case and we had filed our 10-K without their consent. We understand that the last issues in question addressed support for (1) the conclusion that Criticare operates in one business segment, and (2) the amount of our Year 2000 expenditures. We mistakenly thought we had provided adequate support for those items reported in the Form 10-K and proceeded to file. As a result of this event, the auditors have declined to continue the relationship. We expect to immediately engage another accounting firm and will be undergoing an additional audit. Management firmly believes this additional audit will not result in a material change in our financial statements.
Criticare Systems, Inc., designs, manufactures and markets cost-effective patient monitoring systems and noninvasive sensors for a wide range of hospitals and alternate health care environments throughout the world.
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