Netguru (NASDAQ:NGRU)
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netGuru, Inc. (Company) (Nasdaq:NGRU) received a going
concern opinion in an audit of its consolidated financial statements
as of, and for the fiscal year ended, March 31, 2006.
According to Nasdaq Marketplace Rule 4350(b)(1)(B), an issuer that
receives an audit report containing a going concern opinion must make
a public announcement through the news media disclosing the receipt of
such opinion. netGuru's independent registered public accounting firm
stated in its report that the Company has experienced losses and
negative cash flows from operations, sold a significant portion of its
operating assets, made a partial liquidating distribution to
stockholders during the year ended March 31, 2006, and is considering
strategic alternatives for the disposition of its remaining operating
assets. The opinion further stated that these factors raise
substantial doubt about the Company's ability to continue as a going
concern. For more information, see netGuru's annual report on Form
10-KSB filed with the U.S. Securities and Exchange Commission on June
30, 2006.
About netGuru
netGuru is an engineering services company offering engineering
business process outsourcing (EBPO) services for the architecture,
engineering, and construction (A/E/C) industry; document/project
collaboration software/solutions for A/E/C companies, enterprise
software providers, software integrators, and other businesses engaged
in document/project-centric operations; and technical services and
support. netGuru offices are located in the United States, Europe and
India. For more information, please visit www.netguru.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
With the exception of historical or factual information, the
matters discussed in this press release, including without limitation,
the Company's consideration of strategic alternatives, disposition of
its remaining assets, and ability to continue as a going concern, are
forward-looking statements that involve risks and uncertainties.
Actual future results may differ. Factors that could cause or
contribute to such differences in results include, but are not limited
to, the special committee's and Company's ability to identify,
negotiate, and consummate any disposition or other strategic
transaction, netGuru's ability to conserve resources and implement
further reductions in ongoing expenses and/or increase revenues, and
other factors discussed in the "Risk Factors" section and other
sections of netGuru's Form 10-KSB for the fiscal year ended March 31,
2006, and other filings made with the U.S. Securities and Exchange
Commission.