SNAP Interactive Appoints Ernst & Young As Auditor
NEW YORK, Sept. 17, 2012 /PRNewswire/ -- SNAP Interactive, Inc. ("SNAP" or the "Company") (OTCBB: STVI), a leading social application developer who recently announced the redesign of AreYouInterested.com into a social discovery platform, today announced that it dismissed Webb & Company, P.A. ("Webb & Co.") as its independent registered public accounting firm and it engaged Ernst & Young LLP ("Ernst & Young") as its new independent registered public accounting firm. The change of independent auditors took place effective September 11, 2012.
The selection of Ernst & Young concludes a thorough process which the Company conducted as part of its effort to select an auditor with the optimal skills to match its needs as a growing public company. SNAP believes that the transition from Webb & Co. to Ernst & Young will be smooth and that Ernst & Young will have adequate time to prepare for the Company's annual audit. The change of independent auditors did not result from any disagreement between the Company and its former auditor, Webb & Co. During the years ended December 31, 2010 and 2011 and for the period January 1, 2012 through September 11, 2012, there were no disagreements between the Company and Webb & Co. on any matter of accounting principles or practices, financial statement disclosure or audit scope or procedure. The Company expresses gratitude to Webb & Co. for the professional services they provided to the Company during their term as auditors.
In accordance with regulatory requirements, SNAP has filed a Notice of Change of Auditor ("Notice") and has received a response letter from Webb & Co., its former auditor, confirming their agreement with the information provided in the Notice. The Company has also received a response from Ernst & Young, the successor auditor, confirming their agreement with the information provided in the Notice.
"We are very pleased to engage Ernst & Young as our independent auditors," said SNAP's President and Chief Executive Officer, Clifford Lerner. "In conjunction with the relaunch of AreYouInterested.com, we felt the timing was right to retain a "Big Four" accounting firm. Ernst & Young's experience in the technology sector, coupled with their strong reputation, made them an ideal choice as the independent auditors for SNAP."
"We would like to thank Webb & Co. for years of valuable service, and we look forward to working with Ernst & Young as we continue to grow as a public company," added Jon D. Pedersen, Sr., SNAP's Chief Financial Officer.
About SNAP Interactive, Inc.
SNAP Interactive, Inc. develops, owns and operates social discovery applications for social networking websites and mobile platforms. SNAP's flagship brand, AreYouInterested.com®, is one of the largest social discovery applications on the Internet, based on monthly active users ("MAUs") of the AreYouInterested.com application on the Facebook Platform, and it offers a completely integrated Facebook, iPhone, Android and Web application. For more information, please visit http://www.snap-interactive.com/, its blog at http://blog.snap-interactive.com/, on Facebook at facebook.com/SnapInteractiveInc and on Twitter at @SNAPInteractive.
The contents of these websites are not part of this press release, and you should not consider the contents of these websites in making an investment decision with respect to SNAP's common stock.
Facebook® is a registered trademark of Facebook Inc. iPhone® is a registered trademark of Apple Inc. Are You Interested?® is a registered trademark of SNAP Interactive, Inc.
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates, forecasts and assumptions and are subject to risks and uncertainties. Words such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed by the forward-looking statements, including, but not limited to, the following: the Company's ability to work with its new auditor; the Company's ability to transition from its previous auditor to its new auditor; the new auditor's ability to prepare for and conduct the Company's annual audit and the effect of the engagement of the Company's new auditor on the annual audit. In evaluating these statements, you should carefully consider these risks and uncertainties and those described under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other Securities and Exchange Commission filings.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
SOURCE SNAP Interactive, Inc.
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