LAKE FOREST, CA--(BUSINESS WIRE)--Sept. 27, 2004--Liquidmetal(R)
Technologies, Inc. (Pink Sheets:LQMT) announced today that it is
nearing completion of the ongoing audits and expected restatement of
the company's consolidated financial results for certain prior
reporting periods. Liquidmetal and Stonefield Josephson Inc.
("Stonefield"), the company's independent auditor, currently expect to
complete the audit and file its Form 10-K for the year ended December
31, 2003 by October 18, 2004.
Liquidmetal and Stonefield also expect to complete the review of
results and file the respective Form 10-Qs for the first and second
quarters of 2004 shortly after the filing of its Form 10-K. The
company intends to host a conference call to discuss these results and
provide an update on current operations once it has become current in
its SEC filings.
As previously disclosed, Stonefield was engaged as Liquidmetal's
new independent auditor on May 21, 2004. Stonefield is currently
finalizing a full audit of the company's consolidated financial
statements for the three years ended December 31, 2001, 2002, and
2003, as well as reviews of the company's consolidated financial
statements for the quarters ended March 31 and June 30, 2004. Given
the time-consuming nature of comprehensively auditing three years of
consolidated financial statements and reviewing two quarters of
financial statements in 2004, Liquidmetal has not yet filed its Form
10-K for the year ended December 31, 2003 or its Forms 10-Q for the
quarters ended March 31 and June 30, 2004.
About Liquidmetal Technologies, Inc.
Liquidmetal Technologies, Inc., http://www.liquidmetal.com, is the
leading developer, manufacturer, and marketer of products made from
amorphous alloys. Amorphous alloys are unique materials that are
characterized by a random atomic structure, in contrast to the
crystalline atomic structure possessed by ordinary metals and alloys.
Bulk Liquidmetal(R) alloys are two to three times stronger than
commonly used titanium alloys, harder than tool steel, and relatively
non-corrosive and wear resistant. Bulk Liquidmetal alloys can also be
molded into precision net-shaped parts similar to plastics, resulting
in intricate and sophisticated engineered designs. Liquidmetal
Technologies is the first company to produce amorphous alloys in
commercially viable bulk form, enabling significant improvements in
products across a wide array of industries. The combination of a super
alloy's performance coupled with unique processing advantages
positions Liquidmetal alloys for what the company believes will be The
Third Revolution(TM) in material science.
This press release may contain "forward-looking statements" that
involve risks and uncertainties, including statements regarding our
anticipated financial results, as well as our plans, future events,
objectives, expectations, forecasts, and the assumptions on which
those statements are based. Any statement in this press release that
is not a statement of historical fact is a forward-looking statement,
and in some cases, words such as "believe," "estimate," "project,"
"expect," "intend," "may," "anticipate," "plans," "seeks," and similar
expressions identify forward-looking statements. These statements
involve risks and uncertainties that could cause actual outcomes and
results to differ materially from the anticipated outcomes or result,
and undue reliance should not be placed on these statements. These
risks and uncertainties include: unforeseen events that could further
delay completion of the company's audit process; pending litigation
against the company and its potential outcome; our limited operating
history in developing and manufacturing products from bulk amorphous
alloys; the adoption of our alloys by customers; the commercial
success of our customer's products; our ability to identify, develop,
and commercialize new applications for our alloys; competition with
suppliers of incumbent materials; the development of new materials
that render our alloys obsolete; the ability to manage our anticipated
growth; our limited direct experience in manufacturing bulk alloy
products; scaling-up our manufacturing facilities; protecting our
intellectual property; problems associated with manufacturing and
selling our alloys outside of the United States; and other risks and
uncertainties discussed in filings made with the Securities and
Exchange Commission (including risks described in subsequent reports
on Form 10-Q, Form 10-K, Form 8-K, and other filings). Liquidmetal
Technologies disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
CONTACT:
Liquidmetal Technologies
David Townsend, 813-314-0280
or
The Investor Relations Group
John Nesbett/Kathryn McNeil, 212-825-3210
SOURCE: Liquidmetal Technologies
