CHANGE IN MOR-FLO ACCOUNTANTS DELAYS SEC REPORT
CHANGE IN MOR-FLO ACCOUNTANTS DELAYS SEC REPORT CLEVELAND, April 7 /PRNewswire/ -- Mor-Flo Industries, Inc.
(NASDAQ/NMS: MORF) noted that a Cleveland newspaper reported this morning that the Company had filed a notification with the Securities and Exchange Commission that Mor-Flo will be late in filing its Annual Report with the Commission due to its change on February 25 from the accounting firm of Deloitte & Touche to KPMG Peat Marwick. As stated in the press report, the notification stated that Mor-Flo would show an estimated net loss of approximately $4.99 million for the fiscal year ended December 31, 1991 as compared to the net loss of $3.6 million reported for the prior year.
Mor-Flo also stated that the net loss will not affect the approximately $8.00 per share price to be paid Mor-Flo's shareholders in the Company's pending merger with S.A. Brewing Holdings Ltd., which the Company expects to be approved soon by the U.S. Justice Department and by the Company's shareholders at a meeting planned for May. The actual net loss will not be known until Peat Marwick is able to complete its audit of the Company's 1991 results. Mor-Flo Industries, Inc. is a leading national manufacturer of gas, electric and solar water heaters, as well as related home heating products. The Company is headquartered in Cleveland, Ohio and has major manufacturing facilities in Johnson City and Chattanooga, Tenn. and Santa Monica, Calif. -0- 4/7/92 /CONTACT: Jerry Polster of Mor-Flo Industries, Inc. 216-663-7300/ (MORF) CO: Mor-Flo Industries, Inc. ST: Ohio IN: SU:
KK -- CL003 -- 5813 04/07/92 11:47 EDT
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|Date:||Apr 7, 1992|
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