Loudeye Announces Severance of Relationship with Independent Auditors
July 08 2004 - 9:22PM
PR Newswire (US)
Loudeye Announces Severance of Relationship with Independent
Auditors SEATTLE, July 8 /PRNewswire-FirstCall/ -- Loudeye Corp.
(NASDAQ:LOUD), the worldwide leader in business-to-business digital
media solutions, today announced that its two-year relationship
with PricewaterhouseCoopers LLP ("PWC"), the company's independent
registered accounting firm, is ending. On June 30, 2004, PWC
informed Loudeye that it would resign as the company's independent
auditor after the completion of services related to the review of
Loudeye's interim financial statements for the quarter ended June
30, 2004. Based on the results of a Company-initiated evaluation
process that commenced in April, Loudeye had expected to terminate
its relationship with PWC and had begun the process of evaluating
alternative independent auditors prior to receiving notification of
PWC's resignation. The Company expects to announce its new
appointment shortly. Loudeye stated that PWC's resignation was not
the result of any disagreement between PWC and Loudeye on any
matter of accounting principles, financial statement disclosures,
or auditing scope or procedures and that PWC's resignation will not
result in any issues relating to the completion of its second
quarter 2004 audit. "In their official notification to us, PWC
expressed no concern about Loudeye's financial statements or
accounting policies, and the resignation is in no way a reflection
of our current operating results," said Larry Madden, Loudeye's
chief financial officer. "While we regret PWC's decision to sever
the relationship prematurely, we are well down the path of engaging
new independent auditors for the current fiscal year." For
additional information, please refer to today's Form 8-K filed with
the Securities and Exchange Commission in conjunction with this
press release. About Loudeye Corp. Loudeye is the worldwide leader
in business-to-business digital media solutions and the outsourcing
provider of choice for companies looking to maximize the return on
their digital media investment. Loudeye combines innovative
products and services with the world's largest music archive and
the industry's leading digital media infrastructure enabling
partners to rapidly and cost effectively launch complete,
customized digital media stores and services. For more information,
visit http://www.loudeye.com/. Forward Looking Statements This
release contains forward-looking information within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are based on current estimates and actual results may
differ materially due to risks, including the possibility of
adverse changes in the market for distribution of digital audio and
video that Loudeye serves; adverse or uncertain legal developments
with respect to copyrights surrounding the creation and
distribution of digital content; pricing pressures and other
activities by competitors; the failure of Loudeye's hosting
infrastructure; the complexity of Loudeye's services and delivery
networks; any problems or failures in the structure, complexities
or redundancies of Loudeye's network infrastructure; failures in
third party telecommunication and network providers to provide
required transmission capacity; lack of market acceptance for
Loudeye's products and services; the possible delay in the adoption
of digital media or related applications on the web in general; and
other risks set forth in Loudeye's most recent Form 10-Q, Form 10-K
and other SEC filings which are available through EDGAR at
http://www.sec.gov/. Loudeye assumes no obligation to update the
forward-looking statements. DATASOURCE: Loudeye Corp. CONTACT:
media/public relations, Karen DeMarco of mPRm, +1-323-933-3399, or
, for Loudeye Corp.; or investor relations, Michael Dougherty of
Loudeye Corp., +1-206-832-4000, or Web site:
http://www.loudeye.com/
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