SCOTTSDALE, Ariz., Nov. 6 /PRNewswire-FirstCall/ -- QuePasa Corporation (NASDAQ:QPSA) today announced that it has filed its Form 10-KSB, as amended, on October 30, 2007 with the Securities & Exchange Commission (SEC) and, as disclosed in the Form 10-KSB, as amended, and the Form 8-K filed with the SEC on November 2, 2007, and as required by Nasdaq Marketplace Rule 4350(b)(B), the unqualified audit report contained in the Form 10-KSB, as amended, issued by Perelson Wiener LLP, the Company's former independent registered accounting firm, included an explanatory paragraph indicating that the Company's cash balances as of October 23, 2007 and its recurring negative operating cash flows raised substantial doubt about the Company's ability to continue as a going concern for a reasonable time.
As previously disclosed, Company has appointed a new executive team. This new executive team has begun a program to reduce expenses, increase revenue, and improve overall liquidity.
QuePasa Corporation (NASDAQ:QPSA), headquartered in Scottsdale, Arizona (with offices in New York, Miami and Mexico), owns QuePasa.com, one of the world's largest, bicultural, Latino, online communities committed to providing entertaining, enriching, and empowering products and services. The website serves its users in the U.S. and Latin America in both Spanish and English.
Safe Harbor/Forward-Looking Statements of QuePasa Corporation Statements in this press release that refer to plans and expectations for the future are forward-looking statements that involve a number of risks and uncertainties. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the Company. In addition to the Risk Factors described in Item 1 of the Company's Form 10-KSB, as amended, for the fiscal year ended December 31, 2006, these factors include, but are not limited to, the possibility of liability for information displayed or accessed via the Company's website and for other commerce-related activities; competition in the operation of websites and in the provision of information retrieval services; changing laws, rules, and regulations; potential liability for breaches of security on the Internet; dependence on third party databases and computer systems; competition from traditional media companies; new technologies that could block the Company's ability to advertise; and, with respect to the matters described in this press release, our ability to decrease operating losses and become profitable in the future.
Contact:
Creative Civilization for QuePasa Corporation
Gisela Girard, 210-227-1999
or
Rachel Ferry, 210-227-1999 or 210-896-0238 (Cell)
Investor Relations:
David Pasquale, 646-536-7006
Gerrard Lobo, 646-536-7023
DATASOURCE: QuePasa Corporation CONTACT: Gisela Girard, +1-210-227-1999, , or Rachel Ferry, +1-210-227-1999, or cell, +1-210-896-0238, , both of Creative Civilization; or Investors, David Pasquale, +1-646-536-7006, , or Gerrard Lobo, +1-646-536-7023, , all for QuePasa Corporation Web site: http://www.quepasa.com/
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