Leading smart-car and smart-ride company, Link Motion Inc, has released a letter from the Chairman of the Board Dr. Vincent Wenyong Shi to the company's shareholders. Additionally, the company has announced its Vice President of Capital Markets will be presenting at the 19th Annual B. Riley FBR Investor Conference.
Finally, the Company plans to host a conference call to update its investors further following the completion and filing of its 2017 annual report on Form 20-F. Below is the shareholder letter:
We recently disclosed the circumstances surrounding the reasons for not being able to file our annual report for the year 2017 on time. As a result, we also disclosed that until such time that the necessary accounting classification corrections and related updates are completed, that the impacted periods' financials should not be relied upon. We realize this news is unsettling and cause for concern.
However, the Company is taking every necessary step to put in place a proper and comprehensive review process in order to make the necessary adjustments and required disclosures. We pledge to our shareholders, our employees, and our customers and partners that we are working tirelessly to make the necessary corrections and provide the corrected financials as expeditiously as practicable. In addition, as part of our comprehensive review process, the Company will also make all necessary and recommended improvements to its controls and oversight to ensure this does not happen in the future.
In regards to the allegations brought forth by a former senior executive, we have turned the matter over to a special committee of independent board members, who have brought in outside counsel, to address those matters. We have cooperated fully in this and will allow them the independence and full support to address those allegations appropriately.
We are working to ensure that these matters do not distract or disrupt our core business operations and focus. We reiterate our commitments and milestones for this year related to our Smart Car and Smart Ride businesses. As we have previously stated, we expect to continue to form key partnerships with major industry players and have identified three key operational milestones we expect to achieve in 2018 including the commercial rollout of our Smart Ride business this summer, the further growth of our CarBrain platform and the resulting revenue and financial impact beginning from these new businesses.
All of us at Link Motion thank each of you as our shareholders and for your continued support. We remain committed to completing the necessary review process and filing current financials as soon as practicable as well as achieving our business objectives and future targets.
We will hold an investor update conference call as soon as we are able to file our updated annual report on Form 20-F.
Dr. Vincent Shi
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