(COMTEX) B: CBQ Advises of Delay in 3rd Quarter 2000 10Q; Grant Thorn
B: CBQ Advises of Delay in 3rd Quarter 2000 10Q; Grant Thornton Retained as
Auditors and Advisors to Elevate Reporting Standards in Preparation of Move to
NASDAQ
HUNT VALLEY, Md., Nov 29, 2000 (BUSINESS WIRE) -- CBQ, Inc. (OTCBB:CBQI)
announced today that there would be a delay in filing its 10Q for the 3rd Qtr.
2000.
"This is obviously of concern to the officers and shareholders of the company.
Rest assured that the reasons for the delay are ultimately in the best interest
of the company," said Bart Fisher, CEO and Chairman.
"The Company intends to move its listing to NASDAQ as quickly as possible. As
part of the process to achieve this objective we have begun to elevate our
reporting standards to those expected of a NASDAQ company. For these reasons we
have retained Grant Thorton as the company auditors and advisors. In addition,
we are taking the opportunity to discontinue or shutdown all non-performing or
under-performing business units of CBQI. The combination of these two events
has, by necessity, delayed the filing of our 3Qtr. 10Q," Fisher said.
"Our core is a profitable Information Technology infrastructure business that
will perform consistent with shareholder expectations and qualify CBQI for the
move to NASDAQ. All of the one-time charges and expenses associated with the
shutdown or discontinuation of non-core businesses will be reflected in the 3rd
Quarter 10Q. The level of work associated with this effort has been tremendous,
and therefore the filing delay is unavoidable," Fisher said.
"On a related note," Fisher added, "the core business is performing well and its
backlog continues to grow. Currently, we are either in negotiations or under
letter of intent with 5 potential acquisitions, all of which are expected to add
substantially to top-line revenues and be accretive to earnings," Fisher said.
About CBQ, Inc.
CBQ, Inc. is a full service, end to end E-Business solution provider. Through
its subsidiaries, led by Quantum Technology Group, Inc., CBQ provides custom
web-based software, including web portal design and development, networking
services and security, as well as many other web-based solutions. The company
also provides information technology outsourcing resources to its clients. For
more information on Quantum Technology Group, visit www.qnettech.com.cn.
ChinaSoft, Inc. is a wholly owned subsidiary of CBQ, Inc. that is a joint
venture partner with CCSoft Technology Developing, Ltd., Beijing, China. Its
services include Software Development for Enterprise computing and Internet
development. For more information about CCSoft, visit www.ccsoft.com.cn.
China Partners is a subsidiary that is developing an Internet portal between the
United States and China to facilitate international trade and investment
opportunities between private sector companies as well as facilitating trade
between the private sector and government owned industries in China.
China Wireless, Inc. is an early stage subsidiary that is developing
telecommunications projects in China.
For more information on CBQ, Inc., visit www.cbq.com.
This news release includes forward-looking statements related to CBQ, Inc. that
involve risks and uncertainties, including, but not limited to, quarterly
fluctuations in results, the management of growth, market acceptance of certain
products and other risks. These forward-looking statements are made in reliance
on the "safe-harbor" provisions of the Private Securities Litigation Reform Act
of 1995.
For further information about these factors that could affect CBQ's future
results, see the company's filings with the Securities and Exchange Commission
(the "Commission"). Prospective investors are cautioned that forward-looking
statements are not guarantees of future performance. Actual results may differ
materially from management expectations.
CONTACT: CBQ, Inc.
by
Joan Worden Public Relations
Joan Worden, 202/337-5411
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KEYWORD: MARYLAND
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
E-COMMERCE
INTERNET
NETWORKING
SOFTWARE
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