Alaska Pacific Energy Corp Takes Steps Toward Becoming Reporting Company: Engages International Firm to Conduct Audit
March 27 2013 - 7:45AM
Marketwired
Alaska Pacific Energy Corp. (OTC Pink: ASKE) announced last week
that it has retained the services of RBSM LLP-Accountants and
Advisors. The scope of the engagement is to conduct an audit of the
company's financials. The purpose of the audit is to assist the
company in becoming once again listed as an OTCQB Company. As an
OTCQB company, the company is required to have its financial
reports audited by a Public Company Accounting Oversight Board
Accounting Firm (PCAOB). These financial reports as well as
disclosure and other reports are filed with the Securities Exchange
Commission. http://www.otcmarkets.com/companies-advisors/otcqb.
RBSM LLP is a certified public accounting firm with operating
offices in major cities in the United States, Europe & Asia.
The firm provides professional accounting, auditing and tax
services to a number of publicly held businesses as well as
privately held companies.
http://www.rbsmllp.com/about-us-overview.php.
"I see this as a workable task," said Alaska Pacific President
Dominick Falso. "Although any time there is a management change...
like we have gone through, understanding the accounting that was
done by the predecessors can have its challenges... but we have
spent enough time going through the company records... and they
appear to be in proper order... we feel comfortable that the
records are certainly auditable. I am very happy that we were able
to engage RBSM. They are a world class firm."
The company will be working with Managing Partner Peter Stefano.
Peter has thirty years of experience in serving the audit and
accounting needs of domestic and international public and
privately-held enterprises. Peter has made presentations at a
number of conferences addressing topics affecting enterprises
seeking to access the public markets as well as challenges facing
current registrants.
http://www.rbsmllp.com/about-us-member-stefanou.php.
In July of 2011, the company filed a form 15 with the SEC,
voluntarily becoming delisted from the QB. When new management took
over Alaska Pacific in December of last year the company was listed
as a Limited Information Company on OTC Markets. The company then
completed all the necessary tasks to once again regain its status
of "OTC Pink Current Information" on the OTC Market. At that point,
Company President Dominick Falso indicated that "... it just makes
sense for the company to determine whether continuing the
remediation of the company's OTC status back to the QB is a
fiscally sound idea."
As an "OTC Pink Current Information" company, the company is
currently required to post quarterly and annual financial and
disclosure reports on the OTC Markets site. This information is
then available for the public (investors) to examine. As an OTCQB
company, the company will be required to have its financial reports
audited by a Public Company Accounting Oversight Board Accounting
Firm (PCAOB). These financial reports as well as disclosure and
other reports are filed with the Securities Exchange Commission.
http://www.otcmarkets.com/companies-advisors/otcqb.
"There is additional expense in becoming and maintaining QB
ranking," said Mr. Falso. "I have examined the options... it is
time to act... It appears that the return to a reporting status is
within our reach and a worthwhile project... Also, we are looking
at oil and gas projects that could conceivably produce tens if not
hundreds of millions of dollars in oil and gas. When those kinds of
figures are involved... it just makes sense to have audited
financials... we hope to be a QB reporting company by the time we
file our second quarter reports... I am very excited and optimistic
about the future of our company."
Safe Harbor Statement: This release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934 that are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including statements as to the future
performance of the company and the risks and uncertainties detailed
from time to time in reports filed by the company with the
Securities and Exchange Commission. Although the company believes
that the expectations reflected in its forward-looking statements
are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct.
Factors that could cause results to differ include, but are not
limited to, the company's ability to raise necessary financing,
retention of key personnel, timely delivery of inventory from the
company's contract manufacturers, timely product development,
product acceptance, and the impact of competitive services and
products, in addition to general economic risks and
uncertainties.
CONTACT: Alaska Pacific Energy Corp. Dominick Falso President
(954) 793-0657 www.alaskapacificenergy.com (web site under
revision; not totally up to date.) info@alaskapacificenergy.com
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