ALMATY, Kazakhstan,
July 28, 2011 /PRNewswire/ -- BMB
Munai, Inc. (NYSE Amex: KAZ) (the "Company") confirms that the
audit opinion of the Company's independent registered public
accounting firm included in the Annual Report of the Company on
Form 10-K for the year ended March 31,
2011, which was filed on June 29,
2011 (the "Annual Report on Form 10-K"), contained a going
concern qualification. The going concern qualification was
required as a result of the previously announced pending sale of
Emir Oil LLP, which has been approved by the Company's shareholders
and which was deemed probable as of the date of the audit opinion.
Following completion of the sale of Emir Oil LLP and planned
cash distributions to Company shareholders, the Company will have
no continuing operations that result in positive cash flow, which
raises substantial doubt about the Company's ability to continue as
a going concern.
This announcement is required by Section 610(b) of the NYSE Amex
Company Guide, which requires a listed company that receives an
audit opinion containing a going concern qualification to publicly
announce such through the news media. This announcement and press
release do not represent any change or amendment to the Company's
Annual Report on Form 10-K.
The Company does not believe the going concern opinion or the
information contained in this press release will have any impact on
the pending sale of Emir Oil LLP.
About the Company
BMB Munai, Inc. is an independent oil and gas company engaged in
the exploration and test production of crude oil and natural gas in
Western Kazakhstan. The Company
maintains administrative offices in Salt
Lake City, Utah and Almaty,
Kazakhstan.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements regarding
the Company's proposed sale of Emir Oil LLP, the closing of the
transaction, distributions to shareholders and the timing thereof.
All such forward-looking statements are subject to
uncertainty and changes in circumstances, and there is no assurance
the sale transaction will be consummated. Moreover, no
forward-looking statements are guarantees of future results or
performance and involve risks, assumptions and uncertainties that
could cause actual events or results to differ materially from the
events or results described in, or anticipated by, the
forward-looking statements. Factors that could materially affect
such forward-looking statements include the failure of any one or
more of the closing conditions to the sale transaction, termination
of the definitive purchase agreement, and other economic, business
and regulatory risks and factors identified in the Company's
periodic reports filed with the SEC. All forward-looking
statements are made only as of the date of this release and the
Company assumes no obligation to update forward-looking statements
to reflect subsequent events or circumstances. Readers should
not place undue reliance on these forward-looking
statements.
NYSE Amex has neither approved nor disapproved of the contents
of this press release.
SOURCE BMB Munai, Inc.