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American Dairy Intends to File First Quarter 2008 Form 10-Q Following Completion of Audits
PR Newswire, May 12, 2008
BEIJING, May 12 /PRNewswire-FirstCall/ -- American Dairy, Inc. , one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, today filed a Form 8-K with the U.S. Securities and Exchange Commission ("SEC") stating that, as anticipated and due to the ongoing audit and reaudit of select historical financial statements, the Company will not be filing its Quarterly Report on Form 10-Q for the first quarter of 2008 within the time periods prescribed by the applicable rules and regulations of the SEC. Likewise, the Company stated on March 17, 2008 that it would not file its Annual Report on Form 10-K for the fiscal year 2007 within the prescribed time periods.
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As previously reported, American Dairy, Inc. ("American Dairy" or the "Company") engaged Grant Thornton, the Hong Kong member firm of Grant Thornton International ("Grant Thornton"), as its new independent registered public accountants in January of 2008. Grant Thornton is currently conducting an audit of the Company's financial statements for the 2007 fiscal year (the "2007 Audit") and a reaudit of the financial statements for the 2004, 2005 and 2006 fiscal years (the "Reaudits").
The Company is working with Grant Thornton to ensure that the Form 10-Q for the first quarter of 2008, in addition to the Form 10-K for 2007, be filed as soon as possible following completion of the audits.
CONTACT: In the U.S., Ashley Ammon MacFarlane of ICR, Inc., +1-203-682-8200, for American Dairy, Inc.
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