NEW YORK, June 18 /PRNewswire-FirstCall/ -- U.S. Energy Systems, Inc. (NASDAQ:USEY), a "clean and green" energy company, today announced that its financial statements for the year ended December 31, 2006, which were included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 8, 2007, contained the following language in the Report of its independent public accounting firm, Weiser, LLP: "As discussed in Note A (1) to the consolidated financial statements, the Company has a working capital deficiency and has experienced continuing operating losses. These matters raise substantial doubt about the Company's ability to continue as a going concern." This announcement is being made to comply with Nasdaq Marketplace Rule 4350(b)(1)(B). This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K. For further information, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2006.
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc. is an owner of green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production.
Certain matters discussed in this press release are forward-looking statements, and certain important factors may affect the Company's actual results and could cause actual results to differ materially from any forward- looking statements made in this release, or which are otherwise made by or on behalf of the Company. Such factors include, but are not limited to, the effect of access to needed financing or refinancing on acceptable terms, revisions in the initial estimates in the fair market value of the acquired assets, failure to realize the estimated savings or operating results of the acquisition, and other risks associated with acquisitions generally, including risks relating to managing and integrating acquired businesses, access to capital markets, changes in market conditions, the impact of competition, changes in local or regional economic conditions, and the amount and rate of growth in expenses, dependence on management and key personnel, changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues, the inability to commence planned projects in a timely manner, our ability to continue our growth strategy, and the ability to complete acquisitions, as well as other risks detailed from time to time in U.S. Energy's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2006. We do not undertake to update any of the information set forth in this press release.
CONTACT: Investors Media
U.S. Energy Systems, Inc. Kekst and Company
Jeremy Rosen, 212-588-8901 Adam Weiner / Joel Steinhaus
212-521-480
DATASOURCE: U.S. Energy Systems, Inc.
CONTACT: investors, Jeremy Rosen, U.S. Energy Systems, Inc., +1-212-588-8901, ; media, Adam Weiner, or Joel Steinhaus, Kekst and Company, +1-212-521-4800
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