Online Vacation Center Holdings Corp. to Restate Previously Issued Financial Statements for Fiscal 2008, Interim Quarters of ...
August 13 2009 - 5:18PM
Business Wire
Online Vacation Center Holdings Corp. (OTCBB:ONVC), announced
today it is restating its financial statements for the year ended
December 31, 2008 and all quarterly financial statements in 2008.
Management and the Audit Committee of the Board of Directors have
concluded that the Company’s 2008 financial statements should not
be relied upon due to an error relating to the accounting for its
disposition of Phoenix International Publishing LLC in March 2008,
in connection with its response to a comment letter received from
the U.S. Securities and Exchange Commission regarding the Company’s
Annual Report on Form 10-K for fiscal 2008. As a result of the
error, there was an understatement of $681,250 for both the
Company's loss from discontinued operations and its net loss for
every reporting period from March 31, 2008 through December 31,
2008. The Company intends to file an amendment to its 2008 Form
10-K, which will contain restated financial statements as of and
for the year ended December 31, 2008. Concurrently, the Company
will file an amendment to its March 31, 2009 Form 10-Q and will
restate 2008 quarterly data on Form 10-Q for the second and third
quarters of 2009.
About Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp. is a Florida holding
company, focused on building a network of diversified vacation
marketers with a wide range of products that can be cross-sold to
an extensive customer base. Online Vacation Center Holdings Corp.
is one of the country's largest cruise retailers. Its portfolio of
travel companies, including Online Vacation Center, Dunhill
Vacations News and Curves Travel, allows customers to research,
plan and purchase a vacation. The Company, based in Plantation,
Florida, has been in business for over 30 years and became publicly
traded in March 2006. Additional information can be found at
www.onlinevacationcenter.com.
Forward-Looking Statements
This press release contains forward-looking statements, which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based upon
current expectations, assumptions and projections about Online
Vacation Center Holdings Corp. ("ONVC") and its industry. Readers
are cautioned that these forward-looking statements are only
predictions and may differ materially from actual results due to a
variety of factors, including, but not limited to: business and
economic conditions, growth trends in the travel industry;
variation in customer demand for ONVC's products and services, our
dependency on travel providers for their inventory and other risks
described in ONVCs Annual Report on Form 10-K for fiscal 2008 filed
with the SEC on March 27, 2009 and in other SEC filings. Any
forward-looking statements are based on management's beliefs as of
the date of this press release and we undertake no obligation to
update these statements for any reason, even if new information
becomes available.
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