SOURCE: Concord Camera Corp.

November 14, 2008 16:59 ET

Concord Camera Corp. Announces Receipt of "Going Concern" Qualification

HOLLYWOOD, FL--(Marketwire - November 14, 2008) - Concord Camera Corp. ("Concord" or the "Company") (NASDAQ: LENS) announced today that its Annual Report on Form 10-K for the fiscal year ended June 28, 2008, filed with the Securities and Exchange Commission on November 7, 2008, included a going concern qualification by the Company's independent registered public accounting firm due to the Company's decision to cease manufacturing products, purchasing materials and products and undertaking commitments for sales of its products, except as necessary to complete the manufacture and sale of materials and products that the Company has remaining in its inventory, pending the Company's shareholders' vote on the Company's dissolution and plan of liquidation. The Company makes this announcement in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B), which requires that a NASDAQ-listed company that receives an audit opinion in which the auditor expresses doubt about the company's ability to continue as a going concern for a reasonable period of time must make a public announcement through the news media disclosing the receipt of such opinion. This announcement and press release do not represent any amendment or change to the Company's recently filed Annual Report on Form 10-K for the fiscal year ended June 28, 2008.

About Concord Camera Corp.

Concord Camera Corp., through its subsidiaries, is a global provider of easy-to-use 35mm single-use and traditional film cameras. Concord markets and sells its cameras on a private-label basis and under the POLAROID and POLAROID FUNSHOOTER brands through in-house sales and marketing personnel and independent sales representatives. The POLAROID trademark is owned by Polaroid Corporation and is used by Concord under license from Polaroid. The FUNSHOOTER trademark is a registered trademark of Concord Camera Corp. in the United States and other countries. Learn more about Concord Camera Corp. at www.concord-camera.com.

Cautionary Statement About Forward-Looking Statements

The statements contained in this press release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as: "estimates," "projects," "anticipates," "expects," "intends," "believes," "plans," "forecasts" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including failure of the Company's shareholders to approve the proposed plan of liquidation and the Company's ability to complete the manufacture and sale of its materials and products remaining in inventory. For a discussion of some additional factors that could cause actual results to differ, see the risks discussed under "Risk Factors" and the disclosures in the Company's Annual Report on Form 10-K for the fiscal year ended June 28, 2008 and subsequently filed reports. We wish to caution the reader that these forward-looking statements are only estimates or predictions. No assurance can be given that future results will be achieved. Actual events or results may differ materially as a result of risks facing us or actual results differing from the assumptions underlying such statements. Any forward-looking statements contained in this press release represent our estimates only as of the date of this press release, or as of such earlier dates as are indicated herein, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, unless required by applicable law, we specifically disclaim any obligation to do so, even if our estimates change.

Contact Information

  • CONTACT:
    Concord Camera Corp.
    Blaine Robinson
    Vice President - Finance and Treasurer
    (954) 331-4238