SOURCE: myFreightWorld Technologies Inc.

myFreightWorld Technologies Inc.

April 26, 2012 17:59 ET

MYFT Provides Update on Audit, Earnings Dates

OVERLAND PARK, KS--(Marketwire - Apr 26, 2012) - myFreightWorld (PINKSHEETS: MYFT) announced today that its audit will be delayed 30-60 days.

"I am as frustrated as our public shareholders that we will not be able to keep our promise to audit our books and present those results by April 27," said Kevin C. Childress, President and CEO. "The good news in this situation is that the entire delay is the result of several complex transactions undertaken by previous management during 2010 and 2011, prior to my arrival. These transactions have important implications for tax and balance sheet entries not only for MYFT but for the previous owners of myFreightWorld.com, who also happen to be some of our Board members. The intricacy of these transactions has required us to spend hundreds of hours and thousands of dollars in getting the entries right and in accordance to both GAAP and the US Tax Code. We are required to do this in order to present the independent auditors of MYFT with year-end balance sheets for 2010 and 2011 that can be certified. That first step is necessary so that we can present our financials in GAAP for 2011 and beyond."

"We continue to expect profitability on an EBITDA basis during the third quarter and after. That is the most important thing to us right now," said Childress.

Childress concluded, "Importantly, the transactions of previous management and ownership have absolutely no bearing on the operations of the Company at the present time. So the information void in which investors find themselves is due to events of one and two years ago that are totally irrelevant to our current operations and prospects. We are bringing this situation to a conclusion as soon as possible. Also very important is the fact that we will complete an audit. While I dislike the lateness of the timing, it is more important to get it right late than wrong early."

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