Interlink Announces Completion of Independent Investigation and Intention to File Restated Financial Statements
March 01 2006 - 8:00AM
Business Wire
Interlink Electronics, Inc. (Nasdaq:LINKE), a world leader in the
development of intuitive interface technologies and solutions for
business and home applications, today announced the completion of
the independent investigation undertaken at the direction of the
Audit Committee by Dorsey & Whitney, LLP. Dorsey & Whitney
retained the services of PricewaterhouseCoopers LLP with respect to
various forensic and electronic procedures performed in the course
of the investigation. The investigation focused on various
accounting matters, including those reported in Interlink's press
release of November 2, 2005. All of the matters investigated by the
investigating group were brought to its attention by Interlink and
the investigation did not reveal additional material items
warranting investigation. Interlink proposes to restate certain of
its financial statements to reflect the results of its
investigation. The restatement will be incorporated in Interlink's
annual report on Form 10-K for the year ended December 31, 2005.
Interlink will also file its late quarterly report on form 10-Q for
the third quarter of 2005. In order to accommodate its filing
schedule, Interlink has applied to Nasdaq for an extension of time
to file its late quarterly report and all required restatements
until March 31, 2006. As previously announced, Nasdaq granted
Interlink's request for continued listing subject to the condition
that the late quarterly report and all required restatements be
filed on or before March 1. Nasdaq has Interlink's request for an
extension to March 31 under consideration. Interlink has responded
to staff requests for information and expects the matter to be
taken up by the hearings panel in the near future. About Interlink
Electronics, Inc. Interlink Electronics, Inc. (Nasdaq:LINKE) is a
world leader in the design and manufacture of intuitive interface
technologies and products. Creating today's interface standards,
the Company's business communications, e-transactions, home
entertainment and specialty businesses have established Interlink
as the industry's comprehensive source for branded and OEM
solutions. Recognized worldwide for innovative technologies and
solutions, Interlink Electronics, Inc. serves a global
customer-base from its corporate headquarters in Camarillo, CA and
offices in Tokyo, Hong Kong and Taiwan. The Company holds numerous
patents protecting its sensor technologies, wireless communications
protocol and product design properties. See Interlink Electronics
online at www.interlinkelectronics.com or in Japan at
http://www.interlinkelec.co.jp/. All registrations and trademarks
are properties of their respective owners. This release contains
forward-looking statements that involve a number of risks and
uncertainties. The following are among the factors that could cause
actual results to differ materially from the forward-looking
statements: business conditions and growth in the electronics
industry and general economies, both domestic and international;
lower than expected customer orders; delays in receipt of orders or
cancellation of orders; competitive factors, including increased
competition, new product offerings by competitors and price
pressures; the availability of third party parts and supplies at
reasonable prices; changes in product mix; significant quarterly
performance fluctuations due to the receipt of a significant
portion of customer orders and product shipments in the last month
of each quarter; and product shipment interruptions due to
manufacturing problems. The forward-looking statements contained in
this document regarding industry and revenue trends, technology
adoption, and future business activities should be considered in
light of these factors.
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