Full Press Release Details
Announces Discovery of Potentially
Operational and Financial Improprieties at its Hong Kong and Mainland China
Fla. - April 24, 2007 - Dyadic International, Inc. (AMEX: DIL) today announced
that it has discovered potentially material operational and financial
improprieties at its Hong Kong and mainland China operations following the
recent death of the managing director of its Hong Kong operations.
Company's audit committee, upon the advice of counsel, has initiated an
independent investigation of the facts surrounding these improprieties. Pending
the completion of the investigation, the Company's chief executive officer and
chairman of its board of directors, Mark A. Emalfarb, will be on a leave of
absence from all of his positions and offices with the Company, and he has
taken a leave of absence from his position as a member and chairman of the
Moor, the Company's chief financial officer, has assumed the position of Chief
Executive Officer on an interim basis during the pendency of the investigation.
E. Nedwin, the Company's chief scientific officer and a member of the board of
directors, has assumed the additional responsibilities of President on an
interim basis during the pendency of the investigation.
La Pointe, the Company's director of financial reporting, has assumed the
additional responsibilities of Chief Financial Officer on an interim basis
during the pendency of the investigation.
result of these improprieties, the Company will not be in a position to make
timely filing with the Securities and Exchange Commission of its Quarterly
Report on Form 10-QSB for the quarter ended March 31, 2007, nor will it be
position to announce its operational and financial results for the quarter.
Company expects to file the Quarterly Report as soon as practicable.
23, 2007, the Company's board of directors, upon the recommendation of the audit
committee, determined that the Company's previously filed financial statements,
including those contained in its Annual Reports on Form 10-KSB and Quarterly
Reports on Form 10-QSB, as filed with the SEC, should no longer be relied upon.
Company has notified and is working with Ernst & Young LLP, its independent
registered public accounting firm, to address these matters.
Company is in discussions with the American Stock Exchange regarding the
continued listing of its shares; however, it anticipates that the Exchange
in accordance with its rules, initiate delisting proceedings against the
Company. Furthermore, the Company has been notified by the Exchange that the
trading in its shares will continue to be halted until such time as additional
information regarding these matters is publicly available.
International, Inc., based in Jupiter, Florida, with operations in the United
States, Hong Kong and mainland China, Poland and The Netherlands, is a global
biotechnology company that uses its patented and proprietary technologies (the
"Dyadic Platform Technology") to conduct research and development activities for
the discovery, development, and manufacture of products and enabling solutions
to the bioenergy, industrial enzyme and pharmaceutical industries.
Statement for Forward-Looking Statements
statements contained in this press release are "forward-looking statements."
These forward-looking statements involve risks and uncertainties that could
cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. For a discussion of these risks and
uncertainties, please see our filings from time to time with the Securities
Exchange Commission, which are available free of charge on the SEC's web site
http://www.sec.gov, including our Annual Report on Form 10-KSB for the year
ended December 31, 2006, and our subsequent filings with the SEC. Except as
required by law, we expressly disclaim any intent or obligation to update any
forward-looking statements.
(Sasha) Bondar, 561-743-8333
Berkman, 310-826-5051