Intelli-Check Replaces Arthur Andersen as Company's Independent Auditor; Shareholders Will Vote on Selection of New Accounting Firm at Annual Meeting in July.
WOODBURY, N.Y.--(BUSINESS WIRE)--June 13, 2002
INTELLI-CHECK, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
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See: American Stock Exchange :IDN (Internationalized Domain Name) A .com or .net domain name that is represented in non-English characters and symbols, with .com and .net appended at the end in English letters. ), a developer of advanced document verification systems, today announced that it has replaced 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 LLP LLP - Lower Layer Protocol as the Company's independent auditor Independent Auditor
An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report.
These auditors aren't affiliated with the company being audited. and engaged the services of Grant Thornton LLP This article or section is written like an .
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Intelli-Check said that there were no disagreements between the Company and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing procedures during its tenure as independent auditor.
"The change in independent auditors came as a result of our annual corporate review, which determined that Grant Thornton is more suited to meet the Company's needs," stated Frank Mandelbaum, Chairman and Chief Executive Officer of Intelli-Check. "The matter has been approved by the Board of Directors and shareholders will vote on the selection of the new accounting firm at the Company's annual meeting in July."
Intelli-Check, Inc. (www.intellicheck.com) is a developer and marketer of an advanced state-of-the-art document verification system for authenticating the validity of driver licenses and ID cards used as proof of identity. Intelli-Check's multi-purpose ID-CHECK(R) units are fully capable of increasing security and as a tool that can be used to deter terrorism at military installations, high profile buildings, airports and other sites and are also an effective tool against "identity theft," which often is supported by fake IDs and is the fastest growing crime in the U.S. ID-CHECK(R) units enable a user to prevent economic loss from check-cashing, credit card and various other frauds utilizing fake IDs and the ID-CHECK and IDentiScan units have the ability to determine whether purchasers of age-restricted products such as alcohol and tobacco meet minimum age requirements for their sale. ID-CHECK(R), with its patented technology, analyzes and displays information encoded in magnetic stripes and barcodes found on driver licenses, military identification and other forms of state and government-issued identification from more than 50 jurisdictions.
Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended. The replacement of Arthur Andersen LLP as Intelli-Check's independent auditor does not constitute a change of the Company's accounting policies. Additional information concerning forward looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.