CHICAGO, July 26, 2016 /PRNewswire/ -- PowerOne Corporation announced that it selected Wright Ford Young & Company to perform a financial audit. This will be the second consecutive year WFY provided audit services to PowerOne, which also included an audit of PowerOne's wholly owned subsidiary, ResCom Energy, LLC.
Audited financial statements are not a legal requirement for private companies such as PowerOne and ResCom. However, management feels strongly that this undertaking is essential to demonstrate the financial stability and future viability of its business, attract key capital and business partners, and to pave the way for an eventual exit.
Dennis Locke, PowerOne's CFO, has a long working history with the highly regarded accounting firm, and again selected them to handle the firm's 2015 audit. "Wright Ford Young has really been a pleasure to work with," stated Locke. "We rely on this team for audits, transactional accounting and tax services. In fact, they handled the accounting for our purchase of ResCom and our taxes for 2015."
"As we move closer to the end of our business plan, audited financials play an increasingly important role, "commented George Wahbeh, CEO of PowerOne. "We have enjoyed a very strong working relationship with Wright Ford Young, one which we plan on growing over time. One of the main reasons we chose them is because of their experience and expertise in mergers and acquisitions. My team feels strongly that they are the right accounting partners to have as we get closer to an exit event."
From Wright Ford Young & Company's website:
"…We don't audit public companies, instead choosing to invest our time and energy on privately held entrepreneurial businesses. Our specializations set us apart, but our approach makes us unique…Our approach includes a higher degree of partner and manager involvement, the use of internally developed IT resources to extract and manage data, and the use of significant industry data. Our approach is also proactive."
PowerOne Corporation provides its clients with discounted electricity and natural gas through its network of competitive suppliers and the company's retail electricity supply offerings. Headquartered in Chicago, the company is positioned to grow with the competitive energy market and gain market share through better pricing, superior service and effective marketing strategies. Please visit www.power1co.com for more information.
PowerOne Corporation Safe Harbor
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those beyond the control of the Company. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE PowerOne Corporation