Global Power Evaluates Impact of Subsequent Events and Files Notification of Late Filing of 2017 Financials
IRVING, Texas--(BUSINESS WIRE)-- Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) announced today that it intends to file a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission (the “SEC”) for its Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Global Power is working diligently to incorporate the impact of certain issues relating to 2017 that were identified and/or resolved following December 31, 2017. The Company is disappointed not to complete the 2017 Form 10-K by April 2, 2018, as originally anticipated, but still intends to be current with its SEC filings by completing the 2017 Form 10-K filing within the 15-day extension period permitted by the Form 12b-25 notification.
Global Power will announce the expected timing of the release of its fourth quarter and full year 2017 results and subsequent conference call as soon as practical.
About Global Power
Global Power Equipment Group Inc. and its wholly owned subsidiaries are comprehensive providers of custom solutions and maintenance and modification services for customers in the power generation and process and industrial markets. Additional information about Global Power can be found on its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to meet its filing obligation in a timely manner and related matters. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties, including the ability to complete the integration of subsequent events into the 2017 financials with sufficient time for the auditors to complete their review. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements, including our ability to prepare and finalize our 2017 financial statements, the ability of our auditors to complete their review and audit of those financial statements in the expected timeframe and the Company’s ability to prepare and file the 2017 Form 10-K. For example, additional information may arise during the course of the Company’s accounting review that would require the Company to make unanticipated additional adjustments or revisions, or the Company’s auditors may take longer to complete their work than anticipated, either of which could prevent the Company from being able to prepare and file the 2017 Form 10-K during the extension period provided by the Form 12b-25 filing.
Other important factors that may cause actual results or timing of events to differ materially from those expressed in the forward-looking statements are discussed in our filings with the SEC, including the section of the Company’s 2016 Annual Report on Form 10-K titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Source: Global Power Equipment Group Inc.
Released March 27, 2018