Auditors of NanoPierce Technologies, Inc. Remove ``Going Concern'' Qualification on Financial Statements.Business Editors DENVER--(BUSINESS WIRE)--Sept. 27, 2001 NanoPierce Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NPCT NPCT Nonproliferation Controls and Treaty Compliance NPCT Nasal-Pharynx Cancerous Tissue ) today announced the filing of its June 30, 2001 Annual Report on Form 10-KSB with the Securities and Exchange Commission. The Company further announced that in connection with the filing of the June 30, 2001 Financial Statements, its independent auditors Gelfond Hochstadt Pangburn, PC, Denver, Colorado issued an unqualified opinion Unqualified opinion An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. Antithesis of qualified opinion. unqualified opinion See clean opinion. , removing the "Going Concern" uncertainty paragraph from their Opinion. Kristi J. Kampmann, Chief Financial Officer of the Company, said, "The removal of the `Going Concern' uncertainty paragraph by the Company's auditors is a significant financial event for the Company. We believe that the Company is sound and that the Company will be able to support continuing and the ever-expanding operations of the Company." Paul H. Metzinger, Chief Executive Officer & President of the Company, commented, "We have worked long and hard to achieve this opinion from our independent auditors. The importance of an unqualified opinion on our financial statements from our independent auditors for future institutional financings of the Company cannot be understated. It is yet another significant development for the Company, which will promote additional confidence in the trading market for our securities, as well as enhance our financial image and stature with industry partners in the microelectronics markets." The Company reported at June 30, 2001 total assets of $6,307,592 of which, current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. were $4,972,996, total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $170,739 and stockholders' equity of $6,136,853. The Company reported no long-term liabilities for the fiscal year ended June 30, 2001. The June 30, 2001 Annual Report on Form 10-KSB can be obtained by accessing the Company's filings with the Securities and Exchange Commission at www.sec.gov. NanoPierce Technologies, Inc. of Denver, Colorado, USA, is traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (OTCBB:NPCT) as well as on the Frankfurt and Hamburg (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :NPI NPI National Provider Identifier, see there ). In addition to the 12 patents it owns, NanoPierce has numerous applications pending, others in preparation, and various other intellectual properties related to NanoPierce's proprietary NCS (Network Call Signaling) CableLabs version of MGCP. See MGCP/MEGACO. NCS - Network Computing System: Apollo's RPC system used by DEC and Hewlett-Packard.The protocol has been adopted by OSF. (NanoPierce Connection System). This advanced system is designed to provide significant improvement over conventional electrical and mechanical interconnection methods for high-density circuit boards, components, sockets, connectors, semiconductor packaging and electronic systems. For more information on NanoPierce Technologies, Inc. please visit this web site: http://www.nanopierce.com This announcement contains forward-looking statements about NanoPierce Technologies, Inc. that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward- looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC website (http://www.sec.gov). All forward-looking statements are based on information available to NanoPierce Technologies, Inc. on the date hereof, and NanoPierce Technologies, Inc. assumes no obligation to update such statements. |
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