Aviation Distributors Inc. Addresses Halt on Trading.IRVINE, Calif.--(BUSINESS WIRE)--Sept. 3, 1997--Aviation Distributors Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADIN Adin (ā`dĭn), in the Bible, family that returned from Exile. ) announced that the company contacted Nasdaq on Sept. 2, 1997, to advise Nasdaq that on Aug. 29, 1997, Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (the "Former Auditor") resigned as the company's independent public accountant and withdrew its previously issued reports on the company's financial statements dated Dec. 31, 1994, 1995 and 1996, and June 30, 1996. After discussions with the company, Nasdaq halted trading at 10:33 a.m. on Sept. 2, 1997, because of the withdrawal of the reports on the company's financial statements by the Former Auditor, not based on any prior inquiries or other findings by Nasdaq. The company is preparing a current report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , which will address in detail the Former Auditor's reasons for their resignation and withdrawal of their reports, any possible impact on the company's financial reports, and the responses of both management and the Audit Committee of the board of directors. In addition, the Audit Committee of the company is in the process of interviewing a replacement auditing firm with the intent to have an independent review of the Former Auditor's reasons for their resignation and toward reestablishing the necessary audit reports to be in compliance with the Nasdaq SmallCap Market listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. and to resume trading as soon as possible. Management believes that the company's business outlook continues to be strong and that the company will be able to meet or exceed its 1997 objectives. Aviation Distributors Inc. provides outsourcing services to major commercial airlines worldwide. The company is one of the world's 10 largest aircraft part redistributors and inventory management service providers with agents in the United States, the United Kingdom, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Jordan, Indonesia and Chile and with its headquarters in Irvine. CONTACT: Aviation Distributors Inc., Irvine Patricia Potter, 714/586-7558 or Coffin Communications Group, Sherman Oaks Steven B. Johnson, 818/789-0100 |
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