HUIZHOU, China, March 28, 2011 /PRNewswire-Asia-FirstCall/ --
NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "Company")
(NYSE Amex: NIV), a comprehensive consumer electronics company that
designs, manufactures, and sells intelligent audio and visual
products and mobile phones, today responded to allegations by the
Company's former independent auditor, MaloneBailey, LLP, regarding
the accuracy of the Company's financial statements, as disclosed in
a current report on Form 8-K filed by the Company with the
Securities and Exchange Commission on March
25, 2011.
After consultation with legal counsel and the members of the
audit committee, the Board of Directors has established a special
independent committee (the "Special Committee") comprised of audit
committee chair, Charles C. Mo, and
independent director, Robert J.
Wasielewski, to investigate the allegations. The Special
Committee subsequently engaged the law firm of Sidley Austin LLP
("Sidley") to serve as its independent counsel in connection with
the investigation. Sidley intends to engage an accounting firm to
serve as an independent forensic accountant in this regard.
Mr. Mo said, "We take the allegations by MaloneBailey very
seriously and plan to conduct a thorough investigation. In the
interim, we remain dedicated to providing the highest standards of
oversight and governance to our shareholders and will work
diligently to conclude the investigation in a timely manner."
In light of the investigation, the Company is delaying the
filing of its Form 10-K for the year ended December 31, 2010.
The Company does not intend to provide further comment regarding
the allegations until after the conclusion of the Special
Committee's investigation.
The Company also announced that the Audit Committee has
authorized the appointment of BDO China Li Xin Da Hua CPAs ("BDO")
as the Company's new independent auditors, to conduct an audit of
the Company's fiscal years ended December
31, 2010 and 2009.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) is an
integrated consumer electronics company that designs, manufactures,
markets, and sells intelligent audio and video products and mobile
phones in China, Greater Asia, Europe, and North
America. The NIVS brand has received "Most Popular Brand"
distinction in China's acoustic
industry for three consecutive years, among numerous other awards.
NIVS has developed leading Chinese speech interactive technology,
which forms a foundation for the Company's intelligent audio and
visual systems, including digital audio, LCD televisions, digital
video broadcasting set-top boxes, peripherals, and more.
For more information about the Company, including financial
reports, news releases, a fact sheet, and the most recent
presentation, please follow the appropriate link: Investor
Relations Portal and Investor Fact Sheet.
For additional information, please visit:
www.nivsgroup.com/english
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the conduct, timing, duration, and outcome of
the Special Committee's investigation; the Company's business and
operations; business strategy, plans, and objectives of the Company
and its subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions and involve known and unknown
risks and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this news release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume any duty to update these
forward-looking statements.
For more information, please contact:
NIVS IntelliMedia
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Jason Wong
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Vice President, Investor
Relations
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Mobile: +86 138 2991 6919 in
China
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Email:
jason@nivsgroup.com
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Christensen
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Tom Myers
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Mobile: +86 139 1141 3520 in
China
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Email:
tmyers@christensenir.com
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SOURCE NIVS IntelliMedia Technology Group, Inc.