ORLANDO, Fla., April 15, 2011 /PRNewswire/ -- Freedom Environmental Services (Pinksheets: FRDM) announces today that it has been informed by its independent registered public accounting firm that it needs more time to complete its audit for the year ended December 31, 2010. The Company notes that it is pleased with the tremendous progress made by its new independent accounting firm that was engaged just over 30 days ago on March 14, 2011.
The auditor at the independent accounting firm issued this statement: "The issuance of the 10-K and the accompanying consolidated financial statements and notes thereto for Freedom Environmental Services, Inc. (the "Company") will be delayed and not completed and filed by April 15, 2011. Management and its independent registered public accounting firm, GBH CPAs, PC are working diligently towards the completion of the 2010 audit to address the numerous and complex business and financial transactions that the Company entered into during 2010 and thereafter, including business combinations, asset acquisitions and complex and multiple financing transactions and arrangements."
CEO Michael Borish added, "We are truly excited about our acquisitions, expansions and growth at Freedom Environmental as evidenced by our numbers. It is imperative that we make certain our financial filings are accurate and complete. In a short amount of time our new independent accountants have conducted a great amount of progress and work. We appreciate just a bit more patience from our shareholders while we prepare our filings. The independent auditor anticipates the filing to be completed at a maximum of 2-3 weeks."
About Freedom Environmental Services
Freedom Environmental Services (FES) is one of Florida's only 100% "Green" grease and wastewater collection, processing, and recycling companies headquartered in Orlando, Florida. FES provides the most comprehensive, cost-effective and reliable treatment systems and services. FES provides full capture and processing of organics and grease from both commercial and residential accounts. FES processes all wastewater and grease, normally sent to a dump site and produces a reusable bio-fuel feedstock. Working in conjunction with the Department of Environmental Protection, major utility providers, and local health departments, FES provides Wastewater and Storm-water System Management, Grease and Organics Collection, Processing, and Disposition, Commercial Plumbing and Water System Management, Septic service and maintenance, lift station maintenance, line jetting and excavations.
This media release contains forward-looking statements regarding the business operations and prospects of Freedom Environmental and industry factors affecting it. These statements are identified by words such as "may," "will," "begin," "look forward," "expect," "believe," "intend," "anticipate," "should," "potential," "estimate," "continue," "momentum" and other words referring to events to occur in the future. These statements reflect Freedom Environmental's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including the continued disturbances in world financial, credit, commodities and stock markets, a decline in consumer confidence and discretionary spending, the general performance of the U.S. economy, global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and risks related to the construction and completion of any Freedom Environmental facility which could cause actual results to differ materially from those projected in the forward-looking statements. Other risks and uncertainties regarding Freedom Environmental, its business and the industry in which it operates are referenced from time to time in the Company's filings with the Securities and Exchange Commission. Freedom Environmental is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Freedom Environmental Services