HONG KONG and LOS ANGELES, April 12, 2011 /PRNewswire-Asia/ -- Artificial Life, Inc., (OTC BB: ALIF), a leading provider of award-winning mobile technology and applications (the "Company"), announced that it is in the final stages of retaining new auditors to complete the audit of the Company's financial statements for the year ended December 31, 2010. This effort follows the dismissal of KPMG, the Company's previous auditors.
As previously announced, the Company's (ALIF) Independent Audit Committee dismissed KPMG on March 18, 2011 with notice effective March 30, 2011 to allow KPMG to complete the current audit. However, KPMG did not manage to complete the audit on or prior to the effective date of the termination.
"The Company and its independent Audit Committee are currently working through the process of selecting a new audit firm, and we hopefully will have a final selection within the next week or so," said Frank Namyslik, the Company's Chief Financial Officer. Mr. Namyslik was pleased with the efforts made thus far, and said, "We are nearing the end of our selection process and are satisfied with the quality and responsiveness of the candidates having presented to us." The Company will file its 2010 Form 10-K as soon as a new audit firm is selected and completes the audit.
In addition to the process of selecting a new audit firm, the Company continues to operate its business as usual.
The Company is continuing to expand and to explore further opportunities for growth with new and existing business partners. The Company has won new clients for its flagship m-commerce product OPUS-M in the first quarter of 2011 and, together with its joint venture partner M-Health Middle East Ltd., is also expanding its sales and business activities in certain emerging markets, specifically the Middle East and South Africa.
About Artificial Life, Inc.
Artificial Life, Inc. has been a pioneer in artificial intelligence and mobile technology since its inception in Boston in 1994. We are a public US corporation (OTC BB: ALIF) with listing on the Frankfurt Stock Exchange (Frankfurt: AIF.F; Xetra: AIF.DE) and headquarters and production center in Hong Kong. We have additional offices in Berlin, Germany (EMEA headquarters), Tokyo, Japan, and Santa Monica, USA. Currently our main business areas are: high quality (3D) interactive (massive multiplayer) mobile games, mobile participation television, mobile business applications, our powerful mobile commerce technology platform OPUS-M™ and our green IT solutions provided by Green Cortex, Inc. We have won many industry awards for our outstanding technology and products.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, our ability to timely select and retain independent auditors to audit our financial statements for the year ended December 31, 2010; our ability to obtain additional funding to operate and grow our business; the unproven potential of our mobile gaming business model; changing consumer preferences and uncertainty of market acceptance of our products; timely adoption and availability of 3G mobile technology; market acceptance for use of mobile handheld devices to play the interactive games; unpredictable mobile game development schedules; our reliance on a relatively small number of brands; our ability to license brands from others; our dependence upon resellers and telecommunication carriers and operators to distribute our products; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on March 16, 2010. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
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SOURCE Artificial Life, Inc.