Suspension request
18 Março 2009 - 4:30AM
UK Regulatory
TIDMFCOM
RNS Number : 0230P
First Communications, Inc.
18 March 2009
Suspension request
First Communications, Inc. (the "Company") wishes to announce that it has become
aware that there has been a potential material misstatement in its historical
financial results as a result of accounting irregularities. While the Company is
still investigating this with its newly appointed auditors, Ernst & Young, the
Company currently believes that there is a high degree of likelihood that its
historical results for the six month period ended 30 June 2008 were materially
inaccurate, resulting in an overstatement of its results of operations in such
period. The Company will also be investigating whether the results for other
historical periods may have been misstated.
On becoming aware of the situation, the Board has taken immediate steps to
ensure that its financial procedures are supplemented and a forensic team from
Ernst & Young is currently investigating its accounts in order to determine the
extent of the misstatement. In addition, the Company is in discussions with its
key stakeholders, including its banks.
As a result, the Company has requested that a suspension of trading in its
shares on AIM takes place with immediate effect, while this investigation takes
place. The Company will provide an update to shareholders as soon as it is able,
once the investigation has sufficiently progressed.
For further information:
First Communications, Inc.
Joe Morris Tel +1 (330) 835-2472
Collins Stewart Europe Limited - Nominated Adviser and Broker
Stewart Wallace Tel: +44 (207) 523-8350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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