Teletouch Schedules Release of Its 2005 and Amended 2004 Annual Reports for Tuesday, November 8, 2005; Form 10-K/A for Fiscal 20
November 04 2005 - 6:30AM
Business Wire
Teletouch Communications, Inc. (AMEX: TLL) announced today that it
plans to file its amended Annual Report on Form 10-K/A for fiscal
2004, as well as its Annual Report on Form 10-K for fiscal 2005 on
Tuesday, November 8, 2005. The amended Annual Report on Form 10-K/A
for fiscal 2004 will include amended and restated financial
statements for the fiscal years ended May 31, 2002 and 2003,
respectively, including specifically its amended and restated
Consolidated Statement of Operations for the years ended May 31,
2002 and 2003, and Consolidated Balance Sheet as of May 31, 2003.
The Company also reported that it expects to file its Quarterly
Report on Form 10-Q for the first quarter of fiscal 2006 shortly
after completing the full year 2004 and 2005 filings described
above. Teletouch CEO T. A. "Kip" Hyde, Jr. stated, "We are pleased
to have worked through the very complex issues surrounding the
restatements of the 2002 and 2003 financial statements with the SEC
and our auditors. Once current with all of our filings, we will
then be able to file our proxy statement for a Special
Shareholder's Meeting to address and allow our shareholders to vote
on the previously announced sale of the Paging business assets and
other matters. As these actions are completed, Teletouch will be in
a much better financial position to invest in growth businesses,
both internally and through related acquisitions." In the interim,
the Company urged investors and other users of the Company's SEC
filings not to rely on the Company's financial statements for the
years ended May 31, 2002 and 2003, to the extent they are affected
by the previously announced accounting issues. The readers of this
press release are urged to read carefully the Company's previous
public announcements and regulatory filings with the Securities and
Exchange Commission, including the press releases and Current
Reports on Form 8-K filed with the Securities and Exchange
Commission, dated September 2 and 7, 2005, respectively. About
Teletouch Teletouch Communications, Inc., a U.S. leader in wireless
messaging and related network management, provides a complete suite
of mobile asset tracking solutions using sophisticated, yet
cost-effective GPS-based hardware and software products for fleets,
hazardous materials and "worker-down" emergency notification
applications. In addition to its telemetry business, Teletouch
offers two-way radio communications, cellular and wireless
messaging services throughout the United States. Teletouch's common
stock is traded on the American Stock Exchange under stock symbol:
TLL. Additional product, business and financial information for
Teletouch is available at www.Teletouch.com. This release contains
certain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Exchange Act, as amended, that are based on management's
exercise of business judgment as well as assumptions made by and
information currently available to management. When used in this
document, the words "may," "will," "anticipate," "believe,"
"estimate," "expect," "intend," and words of similar import, are
intended to identify any forward-looking statements. You should not
place undue reliance on these forward-looking statements.
Negotiations with respect to the transaction that are the subject
of this release are ongoing and may result in significant
modifications to the transaction. There can be no assurance that
the transaction that is the focus of this release will be
concluded, or if concluded that it will be concluded on terms
currently contemplated. These statements reflect our current view
of future events and are subject to certain risks and uncertainties
as noted in our securities and other regulatory filings. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, our actual results could
differ materially from those anticipated in these forward-looking
statements. We undertake no obligation and do not intend to update,
revise or otherwise publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of any unanticipated
events. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance that our
expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking statements.
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