Earth Search Reports Delay In Filing Form 10-K
Earth Search Sciences, Inc. (BULLETIN BOARD: EDIS) today announced that it has delayed filing its annual report with the Securities and Exchange Commission because the U.S. Navy is still reviewing its contract with STDC for the Naval Earthmap Observer Program (NEMO).
On July 1, 2002, the Company filed a Form NT 10-K stating that the annual report (10-K) would be late and that it believed the U.S. Navy would complete its review within 15 days. Since that review has not been completed, and the 10-K has not been filed, the company's stock symbol has been designated as delinquent with an "E" being assigned to its trading symbol "EDIS".
"We are anticipating more accurate information about the contract with the Office of Naval Research and await the review," said Larry Vance, chairman of Earth Search. "The 10-K will be filed immediately upon receipt of the information."
He added that the U.S. Navy review is the sole reason for the delay in the filing of the 10-K and that there are no other corporate developments that have affected the filing.
Earth Search's hyperspectral applications are used for environmental, oil and mineral and security surveys. For example, the company has conducted an environmental survey for the Dian Fossey Gorilla Fund surveying the Virunga conservation area in Rwanda in an airborne hyperspectral-sensing probe to find and measure the distribution of bamboo and nettles necessary to sustain mountain gorillas in its natural habitat. Earth Search has been surveying parts of Montana in a vegetation assessment and has frequent assignments throughout the West and Southwest for mineral and oil detection |
