IMPCO Announces Delay in Filing Third Quarter Results
November 14 2005 - 8:05PM
PR Newswire (US)
CERRITOS, Calif., Nov. 14 /PRNewswire-FirstCall/ -- IMPCO
Technologies, Inc. (NASDAQ:IMCO) announced today that while its
review of previously reported financial statements as a result of
errors discovered by management relating to non-cash charges and
adjustments for goodwill, investment in affiliates and minority
interest for the year ended December 31, 2004, is nearing
completion, it needs additional time to complete the process. Since
certain of the restated information will also be included in the
Company's Form 10-Q for the third quarter ended September 30, 2005
(the "Form 10-Q"), the Company is unable to complete and file its
Form 10-Q by the extended filing date indicated in its Form 12b-25
filed with the SEC on November 9, 2005 without unreasonable effort
and expense. The Company continues to dedicate significant
resources to finalizing its review of, and restatement to, its
fiscal year ended December 31, 2004 financials and subsequent
balance sheets effected thereby, and to the completion of the
September 30, 2005 Form 10-Q. The Company also notified The Nasdaq
Stock Market Inc. ("Nasdaq") today that, as a result of the
Company's failure to file the Form 10-Q on a timely basis, the
Company is not in compliance with Nasdaq Marketplace Rule
4310(c)(14), which requires the filing with Nasdaq of all reports
required to be filed with the SEC on or before the date they are
required to be filed with the SEC. The Company expects to host an
investor conference call on the day the third quarter results news
release is issued. About IMPCO Technologies: IMPCO designs,
manufactures, markets and supplies advanced product and systems to
enable internal combustion engines to run on clean burning gaseous
fuels such as natural gas, propane and biogas. IMPCO is leader in
the heavy duty, industrial, power generation and stationary engines
sectors. Headquartered in Cerritos, California, IMPCO has offices
throughout Asia, Europe, Australia and North America. More
information can be found at IMPCO's web site, http://www.impco.ws/
About BRC Gas Equipment: BRC produces a complete range of systems
for converting vehicles to gaseous fuel to meet market
requirements. BRC is a leader in the light duty and automobile
alternative fuel sectors and has established alliances with several
major car-makers for OEM projects. Headquartered in Cherasco,
Italy, BRC has offices throughout Asia, Europe and South America.
More information can be found at BRC's web site,
http://www.brc.it/. Except for historical or factual information,
other matter discussed in this news release, including the balance
sheet captions to be included in the restatements, the periods
covered by the restatement, are forward-looking statements that
involve risks and uncertainties. Actual results could differ
materially from those discussed in any forward-looking statement.
Factors that could cause or contribute to such differences
included, but are not limited to, completion of a review of past
financial statements; prevailing market and global economic
conditions; changes in environmental regulations that impact the
demand for the company's products; the company's ability to manage
its leverage and address operating covenant restrictions relating
to its indebtedness; the company's ability to negotiate and comply
with waivers pertaining to existing loan covenant defaults; the
company's ability to design and market advanced fuel metering, fuel
storage and electronic control products; the company's ability to
meet OEM specifications; and the level and success of the company's
development programs with OEMs. Readers also should consider the
risk factors set forth in the company's reports filed with the
Securities and Exchange Commission, including, but not limited to,
those contained in "Management's Discussion & Analysis of
Financial Condition and Results of Operation -- Risk Factors"
section of the company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2004. The company does not undertake to
update or revise any of its forward-looking statements even if
experience or future changes show that the indicated results or
events will not be realized. For further information, please
contact Dale L. Rasmussen, Vice President, Investor Relations.
Phone: +1-206-315-8242 DATASOURCE: IMPCO CONTACT: Dale L.
Rasmussen, Vice President, Investor Relations of IMPCO,
+1-206-315-8242 Web site: http://www.brc.it/ Web site:
http://www.impco.ws/
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