Heritage Bankshares, Inc. Updates Timetable for Completion of Certain Reports
15 Maio 2006 - 7:09PM
PR Newswire (US)
NORFOLK, Va., May 15 /PRNewswire-FirstCall/ -- Heritage Bankshares,
Inc. ("Heritage") (Pinksheets: HBKS) today provided an updated
timetable for the completion of certain annual and quarterly
reports. As previously announced, Heritage is in the process of
restating its annual financial statements for the years ended
December 31, 2003 and December 31, 2002, as well as its unaudited
financial statements for 2004. As a result, Heritage has not yet
filed its Forms 10-KSB for the fiscal years ended December 31, 2004
and December 31, 2005, or its Forms 10-QSB for the quarters ended
March 31, 2005, June 30, 2005 and September 30, 2005. Because of
all the work involved in the prior period filings, Heritage's Form
10-QSB for the first quarter of 2006 also will be delayed. Heritage
has made significant progress in the preparation of its annual
report on Form 10-KSB for the year ended December 31, 2004, and the
report is now in the final review stages. Barring any unforeseen
events or circumstances, Heritage expects that it will complete and
file with the Securities and Exchange Commission ("SEC") its Form
10-KSB for 2004 in approximately two weeks. The report will include
restated annual financial statements for 2003 and 2002. Heritage
also continues to work diligently on its Form 10-KSB and Form
10-QSB filings for the year ended December 31, 2005. The timeline
outlined above reflects Heritage management's estimates and beliefs
based on the status of its financial review and analysis to date.
The timeline could change due to, among other things, adjustments
to financial statements required in connection with the final
review of the company's reports. Heritage will provide updates to
the extent any modifications to its estimated timelines become
necessary. Heritage is the parent company of Heritage Bank
(http://www.heritagebankva.com/). Heritage Bank has four
full-service branches in the City of Norfolk, one full-service
branch in the City of Virginia Beach and one branch in the City of
Chesapeake. Heritage Bank provides a full range of financial
services including business, personal and mortgage loans,
insurance, and annuities. Forward Looking Statements The press
release contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Heritage's actual results, performance,
achievements, and business strategy to differ materially from those
anticipated. Forward looking statements often contain a word such
as "expect," believe," "estimate" or "anticipate." For example, our
forward-looking statements include statements regarding
expectations for on- going review of financial and accounting
matters, estimated timelines for our SEC filings and our
undertaking to update the estimated timelines as conditions
warrant. Factors that could cause such actual results, performance,
achievements and business strategy to differ materially from those
anticipated include: discovery of further accounting errors,
general and local economic conditions, competition, capital
requirements of the bank's announced expansion plans, customer
demand for Heritage's banking products and services, and the risks
and uncertainties described in Heritage's Form 10-KSB filed with
the Securities and Exchange Commission. Heritage disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: Heritage Bankshares, Inc. CONTACT: John
O. Guthrie of Heritage Bankshares, Inc., +1-757-523-2600 Web site:
http://www.heritagebankva.com/
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