CHICAGO, March 31, 2015 /PRNewswire/ -- PowerOne Corporation today announced that it retained Wright Ford Young & Company to perform a financial audit for 2014. While audited financial statements are not a legal requirement for private companies such as PowerOne, management has elected to undertake this process to underscore the financial stability and future viability of its business, attract key capital and business partners, and to pave the way for an eventual exit event.
Dennis Locke, PowerOne's CFO, selected Wright Ford Young to perform the audit after a thorough review of several competing firms. "I have used the Southern California-based accounting firm for several audits in the past and enjoy a close working relationship with its partners," stated Locke. "Additionally, the firm will handle purchase accounting for our pending acquisition of two Retail Energy Providers, as well as the company's taxes.
"Not only does Wright, Ford & Young bring significant experience with audits to the process," continued Locke, "but they also specialize in acquisitions. This will help us assess the value of future acquisition targets, identify suitable capital partners as needed, and may also prove to be an asset when the Board determines that the company is ready for a exit event, such as an IPO, merger or acquisition by a public entity."
Audited financial statements also benefit PowerOne in several important ways. First, they are usually a requirement in most exit scenarios, including acquisition, merger or IPO. Should PowerOne choose to fund energy purchases through a preferred supply partner, that partner will request audited financials. Capital partners may also ask for audit results before providing equity or debt financing or purchase of receivables funding.
"Audited financials provide bankers, co-invest partners, suppliers and underwriters with a detailed look at a company's financial status," commented George Wahbeh, the company's President. "Wright Ford Young & Co. is a highly regarded accounting and consulting firm that is registered with the Public Company Accounting Oversight Board [pcaobus.org], a nonprofit corporation established by Congress to oversee the audits of public companies. We feel that our pursuit of an audit helps to prove that PowerOne is taking the proper steps towards delivering on its promises to become a leading Retail Energy Provider and to increase shareholder value."
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.
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SOURCE PowerOne Corporation