MIAMI LAKES, Fla., Nov. 16, 2015 (GLOBE NEWSWIRE) -- ERBA Diagnostics, Inc. (NYSE MKT:ERB), a fully integrated in vitro diagnostics company, announced that it is delaying the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission (the "SEC").
As disclosed in the Notification of Late Filing on Form 12b-25, which ERBA Diagnostics filed with the SEC on November 16, 2015, and as ERBA Diagnostics has previously thereto reported, in connection with ERBA Diagnostics' efforts to improve the effectiveness of its internal control over financial reporting, ERBA Diagnostics has undertaken a review of the intercompany transactions among its subsidiaries and the resulting eliminations made, or required to be made, in the process of producing its consolidated financial statements and their potential impact on reported assets and liabilities. In furtherance of its efforts to improve the effectiveness of its internal control over financial reporting, and in connection with this review, ERBA Diagnostics has also implemented a new, enhanced balance sheet review process with a particular focus on reconciliation of significant accounts, including, among others, intercompany accounts and corresponding eliminations made, or required to be made, at the consolidated level, and their potential impact on its consolidated financial statements. These reviews are on-going and the amounts at issue, which may be material, and the periods to which they relate have not yet been concluded. As a result, ERBA Diagnostics has delayed filing its Quarterly Report on Form 10-Q. ERBA Diagnostics is working diligently to conclude these reviews and, thereafter, to complete and file its Quarterly Report on Form 10-Q.
About ERBA Diagnostics, Inc.
ERBA Diagnostics, Inc. (NYSE MKT:ERB), is a fully integrated in vitro diagnostics company, offering a comprehensive suite of clinical testing products throughout the U.S. and emerging markets. The Company serves as a one-stop shop for the testing needs of the growing number of smaller hospitals, reference labs, and physician clinics. ERBA Diagnostics' line of proprietary and automated instruments, test kits, and reagents provide customers with autoimmune, infectious diseases, clinical chemistry, hematology, and diabetes testing. www.erbadiagnostics.com
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of ERBA Diagnostics, including, without limitation, the risks and uncertainties: relating to the impact, which may be material, on ERBA Diagnostics' consolidated financial statements of ERBA Diagnostics' review of the intercompany transactions among its subsidiaries and the resulting eliminations made or required to be made and ERBA Diagnostics' new, enhanced balance sheet review process with a particular focus on reconciliation of significant accounts, including, among others, intercompany accounts and corresponding eliminations made or required to be made at the consolidated level; that ERBA Diagnostics' reviews of the reconciliation of significant accounts, the intercompany transactions among its subsidiaries and the resulting eliminations may take longer to complete than anticipated; that ERBA Diagnostics' financial results may take longer to prepare than anticipated; that ERBA Diagnostics may not be able to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 when anticipated; that ERBA Diagnostics may receive a non-compliance or delisting letter from the NYSE MKT regarding ERBA Diagnostics' failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015; that the NYSE MKT may initiate delisting proceedings, which could result in ERBA Diagnostics' common stock being delisted by the NYSE MKT; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. See also the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC, for further discussion of certain risks and uncertainties that could materially and adversely affect our business, operating results or financial condition. Many of these factors are beyond our control.
Mohan Gopalkrishnan 305 418 2320
