Charys Holding Company Reports Delay in Filing Its Form 10-KSB
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ATLANTA--Aug 20 2007--Charys Holding Company, Inc. ("Charys") (OTC Bulletin Board: CHYS - News) a company focused on the high growth Wireless Communications and Data Infrastructure and Restoration and Reconstruction sectors, today announced that there will be a delay in filing its annual report on Form 10-KSB for the fiscal year ended April 30, 2007. The delay is due to the number of significant corporate events that transpired in the past fiscal year including multiple acquisitions, the operational integration of several formally independent private companies, the raising of over $200 million in financing and following Sarbanes-Oxley requirements, all of which caused the year-end close process and audit to take longer than originally anticipated.
Billy V. Ray, Jr., Charys Chairman and CEO, commented, "We are disappointed that we were not able to file our financial report to the SEC on time. We have had many significant accomplishments in the past year, raising over $200 million in financing and completing the several acquisitions that have transformed our company into an entirely new scale of business, unique and strong in our industry. While these accomplishments are the most important priorities of our shareholders, the volume of transactions and accounting complexities have been significant. We continue to work diligently on completing the year-end audit process. I am personally focused on ensuring that this process is completed as quickly as possible."
The company will hold a conference call to discuss its Q4 and fiscal 2007 results after the Form 10KSB is filed.
This press release contains forward-looking statements. These statements are based upon Charys' current expectations and speak only as of the date hereof. Actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the industry, including changing customer demand, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Charys' Annual Report on Form 10-KSB, recent and forthcoming Quarterly Reports on Form 10-QSB, recent Current Reports on Form 8-K and other SEC filings discuss some of the important risk factors that may affect Charys' business, results of operations and financial condition. Management undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
About Charys Holding Company, Inc.
Headquartered in Atlanta, Georgia, Charys is a publicly traded company providing infrastructure services in two primary markets. In the restoration and reconstruction markets, Charys services include emergency planning and coordination, response to catastrophic losses, reconstruction and restoration and environmental restoration. In the wireless communications and data infrastructure markets, Charys provides an array of services including engineering, program management, construction, installation and maintenance, tower services, radio and advanced technology implementation and integration services to large service providers and other business enterprises.