Exela Technologies, Inc. Announces Update to Delayed 2019 10-K Filing and Restatement, and Preliminary 2019 Expected Financia...
March 17 2020 - 6:48PM
Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA),
a location-agnostic global business process automation (“BPA”)
leader across numerous industries, today filed with the Securities
and Exchange Commission on Form 12b-25, a Notification of Late
Filing, for its 10-K for the year ended December 31, 2019, and on
Form 8-K, details regarding the restatement of its financial
statements for the years ended December 31, 2017 and 2018, and the
interim periods through September 30, 2019 as previously disclosed
on March 16, 2020. The restatement is not expected to have a
material impact on previously reported Revenue or Adjusted
EBITDA.
In addition, the Company noted that as of March
16, 2020, it had cash on hand and available borrowings of
approximately $100 million, and reaffirmed its full year 2019
guidance for Revenue and Adjusted EBITDA issued on November 12,
2019.
Exela currently expects to file the Company's
Form 10-K for the year-ended December 31, 2019, and restated
financial statements for 2017 and 2018 and the interim periods
through September 30, 2019, on or before March 31, 2020. The
Company also plans to release its full fourth quarter 2019
financial results concurrently with such filing. Once that date is
finalized, Exela will schedule an investor conference call to
discuss the financial results for the fourth quarter and full year
2019. Although Exela is working diligently to complete the 2019
Form 10-K, and restatements of its financial statements for 2017
and 2018 and the interim periods through September 30, 2019, and
currently expects to complete and file these items by March 31,
2020, given factors such as potential work interruptions associated
with the COVID-19 coronavirus, no assurance can be given that they
will be filed within such period.
About Exela Exela Technologies,
Inc. (“Exela”) is a business process automation (BPA) leader,
leveraging a global footprint and proprietary technology to provide
digital transformation solutions enhancing quality, productivity,
and end-user experience. With decades of expertise operating
mission-critical processes, Exela serves a growing roster of more
than 4,000 customers throughout 50 countries, including over 60% of
the Fortune® 100. With foundational technologies spanning
information management, workflow automation, and integrated
communications, Exela’s software and services include
multi-industry department solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and public sectors. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 22,000 employees
operating in 23 countries, Exela rapidly deploys integrated
technology and operations as an end-to-end digital journey partner.
Find out more at www.exelatech.com
Follow Exela on
Twitter: https://twitter.com/exelatechFollow
Exela on
LinkedIn: https://www.linkedin.com/company/11174620/
Forward-Looking Statements:
Certain statements included in this press release are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “may”, “should”, “would”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict”,
“potential”, “seem”, “seek”, “continue”, “future”, “will”,
“expect”, “outlook” or other similar words, phrases or expressions.
These forward-looking statements include statements regarding our
industry, future events, the estimated or anticipated future
results and benefits of the Business Combination, future
opportunities for the combined company, and other statements that
are not historical facts. These statements are based on the current
expectations of Exela management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties, including without limitation those discussed under
the heading “Risk Factors” in Exela’s most recently filed Annual
Report on Form-10-K filed with the Securities and Exchange
Commission. In addition, forward-looking statements provide Exela’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Exela anticipates that subsequent
events and developments will cause Exela’s assessments to change.
These forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Media Contact: Kevin McLaughlinE:
kevin.mclaughlin@icrinc.com T: 646-277-1234
Investor Contact: William MainaE:
IR@exelatech.com T: 646-277-1236
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