Futuris Company Provides Shareholder Update

Rhea-AI Summary

Futuris Company (OTC PINK: FTRS) announced that its unaudited financial statements for the quarter ended April 30, 2021, are not reliable due to lack of an audit or review and may contain material errors. The company is preparing unaudited financials for the year ending July 31, 2021, amid integration challenges from recent acquisitions. Additionally, audited financial statements are expected to be filed in conjunction with a Regulation A offering statement to the SEC, targeted for December 31, 2021, as part of the plan to uplist to the OTCQB tier.

Positive

• None.

Negative

• Unaudited financial statements contain potential material errors.
• Audited financial statements filing delayed due to acquisition integration problems.
• Management resources diverted from financial audits to acquisition issues.

FAIRFAX, VA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Futuris Company (the “Company”) (OTC PINK: FTRS) is informing all shareholders that the Unaudited financial statements published by the Company on the OTCIQ Disclosure & News Service for the quarter ended April 30, 2021 and all recent amendments posted were filed by Management without an Audit or Review by our auditor and may contain material errors and should not be relied upon until our Audit is complete.

The Company is currently preparing unaudited and unreviewed financial statements for the year ended July 31, 2021 which will be published shortly. The Company’s financial statements are the responsibility of management, not of its accountants or auditors.

The Company intended to publish audited financial statements by November 15, 2021; however, the Company’s recent acquisition of three companies created accounting issues for the Company and management’s resources have been diverted toward integrating these acquisitions.

The Company intends to file audited financial statements in conjunction with a Regulation A offering statement to be filed with the Securities and Exchange Commission (the “SEC”). The Company hopes to file this offering statement by December 31, 2021. Upon such offering statement being qualified, the Company intends to apply to OTC Markets Group, Inc. for quotation on the OTCQB tier operated by OTC Markets.

Please be assured that resolving these issues and uplisting the Company to OTCQB are of the utmost importance to management. The Company appreciates our shareholders’ patience as we work through these important items. 

Contact Information:

Futuris Company
Preya Narain
Email: info.it@futuris.company
Phone: (347) 837-0626

SOURCE: Futuris Company

FAQ

What does the recent Futuris Company press release about FTRS indicate regarding its financials?

The press release indicates that Futuris Company's unaudited financial statements may contain material errors and should not be relied upon until an audit is completed.

When does Futuris Company plan to file its audited financial statements?

Futuris Company intends to file its audited financial statements by December 31, 2021.

What challenges is Futuris Company facing in its financial reporting?

The company is facing challenges due to the recent acquisition of three companies, which has diverted management's resources from completing financial audits.

What is the significance of the Regulation A offering statement for FTRS?

The Regulation A offering statement is significant as it is connected to the filing of audited financial statements and is part of Futuris Company's plan to uplist to the OTCQB tier.