HouseHold Direct.com, Inc. Provides Update on 8-K Filing
NEW YORK, April 24 /PRNewswire/ -- HouseHold Direct.com (OTC Bulletin Board: BYITE) (http://www.householddirect.com)
announced today the termination of the services of the auditing firm of King, Griffin and Adamson, P.C., for their failure to provide complete audited financial reports by the established SEC/NASD reporting deadline, despite such firm's ongoing affirmative confirmation to the Company, its corporate and special SEC counsel that the deadline would be met.
In light of the auditor's awareness of the significance of the deadline to the Company and its shareholders and its continued assurances that the deadline would be met, neither the Company, nor its management or advisors could have foreseen this most unfortunate event. This audit was contracted in January, and despite substantial cost overruns, which were timely funded by the Company, was committed by the auditors to be delivered by noon on Friday, April 21. In reliance on the auditor's assurance, the Company, through its SEC counsel, had arranged special consideration from the electronic filing contractor, Bowne and Company, to remain available on Saturday and Easter Sunday to complete the filing process.
In order to complete the reporting process on the most timely basis, the Company has already identified several audit candidates and is undertaking a series of telephone interviews in order to complete its selection and retention in the shortest time possible. The Company will also, through the efforts of special SEC counsel, contact the SEC/NASD to review extension possibilities. If this effort fails to produce an extension, the Company will arrange market-maker support to protect the interests of shareholders during any period that the Company falls to "the pink sheets".
The Company has sufficient funding available to conclude this process, and all management efforts will be concentrated on this process. The Company will release additional details on Tuesday, April 25, upon completing a comprehensive review during Monday.
Additional information on HouseHold Direct.com, including Frequently Asked Questions (FAQ) can be obtained at
1stnettech.com / or by addressing inquiries to smartstockadvisor@yahoo.com .
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations,
imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
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SOURCE HouseHold Direct.com |
