PHILADELPHIA, PA--(Marketwired - Mar 17, 2014) - Alteva ("Alteva" or the "Company") (NYSE MKT: ALTV), a premier provider of hosted Unified-Communications-as-a-Service ("UCaaS"), today announced that due to an adjustment in the application of U.S. generally accepted accounting principles for income taxes related to the determination of the amount of valuation allowance required to be recorded based upon the recoverability of its deferred tax assets, the Company is in the process of restating its consolidated statement of operations, consolidated statement of comprehensive income (loss), consolidated statement of cash flows, and consolidated statement of shareholders' equity for the year ended December 31, 2012, and consolidated balance sheets as of December 31, 2012. The Company also announced that, due to the same reason, the Company is in the process of restating the condensed consolidated balance sheets as of March 31, 2013, June 30, 2013 and September 30, 2013. In addition, the Company is in the process of determining if the restatement will impact the timing of the income tax expense (benefit) recorded during 2013, which would require restatement of income taxes for the first three quarters of 2013.
The Company will file a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission with regard to its Annual Report on Form 10-K for the year ended December 31, 2013. The Company is working to complete the restatement as soon as possible and intends to issue its earnings release, and file its 2013 Annual Report on Form 10-K, by April 1, 2014, which is within the fifteen-day extension period provided by Rule 12b-25.
The Company will reschedule its previously announced conference call to discuss fourth quarter and full year 2013 results promptly following the filing of its Annual Report on Form 10-K for the year ended December 31, 2013. The Company will provide an update on the timing of the call as soon as it is able.
Alteva (NYSE MKT: ALTV) is a premier provider of hosted Unified-Communications-as-a-Service ("UCaaS") that significantly enhances business productivity and efficiency. Alteva's UCaaS solution integrates and optimizes best-in-class cloud-based technologies and business applications to deliver a comprehensive voice, video and collaboration service for the office and mobile workforce. Alteva is committed to delivering meaningful value to our customers through a consistent, high quality and unified user experience across multiple devices, platforms and operating systems. These attributes have positioned Alteva as a leading hosted communications provider and the partner of choice for a growing number of business customers nationwide and internationally. To learn more about Alteva, please visit www.alteva.com. You can also follow Alteva on Twitter @AltevaInc or LinkedIn.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements, without limitation, regarding expectations, beliefs, intentions, growth, profitability, dividends, or strategies regarding the future. Alteva intends that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Alteva's actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: expectations of future profitability; general economic and business conditions, both nationally and in the geographic regions in which Alteva operates; industry capacity; demographic changes; technological changes and changes in consumer demand; the successful integration of Alteva's acquired businesses; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; legislative proposals relating to the businesses in which Alteva operates; reduction in cash distributions from the Orange County-Poughkeepsie Limited Partnership; competition; or the loss of any significant ability to attract and retain qualified personnel. Given these uncertainties, current and prospective investors should be cautioned in their reliance on such forward-looking statements. Except as required by law, Alteva disclaims any obligation to update any such factors or to publicly announce the results of any revision to any of the forward-looking statements contained herein to reflect future events or developments. A more comprehensive discussion of risks, uncertainties and forward-looking statements may be seen in Alteva's Annual Report on Form 10-K, as amended, and other periodic filings with the U.S. Securities and Exchange Commission.