Dyadic (AMEX:DIL)
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Dyadic International, Inc. (AMEX:DIL) today announced that it has
discovered potentially material operational and financial improprieties
at its Hong Kong and mainland China operations following the recent
death of the managing director of its Hong Kong operations.
The Company’s audit committee, upon the advice
of counsel, has initiated an independent investigation of the facts
surrounding these improprieties. Pending the completion of the
investigation, the Company’s chief executive
officer and chairman of its board of directors, Mark A. Emalfarb, will
be on a leave of absence from all of his positions and offices with the
Company, and he has also taken a leave of absence from his position as a
member and chairman of the board.
Wayne Moor, the Company’s chief financial
officer, has assumed the position of Chief Executive Officer on an
interim basis during the pendency of the investigation.
Dr. Glenn E. Nedwin, the Company’s chief
scientific officer and a member of the board of directors, has assumed
the additional responsibilities of President on an interim basis during
the pendency of the investigation.
Lisa De La Pointe, the Company’s director of
financial reporting, has assumed the additional responsibilities of
Chief Financial Officer on an interim basis during the pendency of the
investigation.
As a result of these improprieties, the Company will not be in a
position to make a timely filing with the Securities and Exchange
Commission of its Quarterly Report on Form 10-QSB for the quarter ended
March 31, 2007, nor will it be in a position to announce its operational
and financial results for the quarter. The Company expects to file the
Quarterly Report as soon as practicable.
On April 23, 2007, the Company’s board of
directors, upon the recommendation of the audit committee, determined
that the Company’s previously filed financial
statements, including those contained in its Annual Reports on Form
10-KSB and Quarterly Reports on Form 10-QSB, as filed with the SEC,
should no longer be relied upon.
The Company has notified and is working with Ernst & Young LLP, its
independent registered public accounting firm, to address these matters.
The Company is in discussions with the American Stock Exchange regarding
the continued listing of its shares; however, it anticipates that the
Exchange may, in accordance with its rules, initiate delisting
proceedings against the Company. Furthermore, the Company has been
notified by the Exchange that the trading in its shares will continue to
be halted until such time as additional information regarding these
matters is publicly available.
About Dyadic
Dyadic International, Inc., based in Jupiter, Florida, with operations
in the United States, Hong Kong and mainland China, Poland and The
Netherlands, is a global biotechnology company that uses its patented
and proprietary technologies (the “Dyadic
Platform Technology”) to conduct research and
development activities for the discovery, development, and manufacture
of products and enabling solutions to the bioenergy, industrial enzyme
and pharmaceutical industries.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are
"forward-looking statements." These forward-looking statements involve
risks and uncertainties that could cause our actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. For a discussion of these risks and uncertainties, please
see our filings from time to time with the Securities and Exchange
Commission, which are available free of charge on the SEC's web site at http://www.sec.gov,
including our Annual Report on Form 10-KSB for the year ended December
31, 2006, and our subsequent filings with the SEC. Except as required by
law, we expressly disclaim any intent or obligation to update any
forward-looking statements.