Full Press Release Details
Names New Independent Auditing Firm
YORK, NY - July 20, 2007 - Nephros, Inc. (AMEX:NEP) today
announced that the Audit Committee of the Board of Directors of the Company
engaged Rothstein Kass & Company, P.C. as the Company's new independent
registered public accounting firm. Rothstein Kass replaces Deloitte
Audit Committee dismissed Deloitte & Touche and approved the engagement of
Rothstein Kass on July 16, 2007.
Company noted that during the two most recent fiscal years and the interim
period through July 16, 2007, there have been no disagreements with Deloitte
& Touche on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreement, if
resolved to the satisfaction of Deloitte & Touche, would have caused it to
make reference to the subject matter thereof in connection with its
Inc., headquartered in New York, is a medical device company developing and
marketing products designed to improve the quality of life for the End-Stage
Renal Disease (ESRD) patient, while addressing the critical financial and
clinical needs of the care provider. ESRD is a disease state characterized
the irreversible loss of kidney function. Nephros believes that its products,
particularly its Mid-Dilution Hemodiafiltration therapy, are designed to remove
a range of harmful substances more effectively, and more cost-effectively,
existing ESRD treatment methods; particularly with respect to substances known
collectively as "middle molecules," due to their molecular weight, that have
been found to contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and, ultimately, mortality
the ESRD patient. Nephros products are currently being used in over fifty
clinics in Europe, and are distributed in Italy, France and
also markets a line of water filtration products, the Dual Stage Ultrafilter
(DSU). The Company's patented dual stage cold sterilization Ultrafilter has
capability to filter out bacteria and, due to its exceptional filtration levels,
filter out many viruses and parasites. The DSU proprietary design provides
dual-stage filtration reducing the risk of filtration failure. With initial
focus on health care, the DSU is in a pilot-use program at a major medical
center and has been selected for further development by the US Marine Corps.
Company considers the DSU a significant breakthrough in providing affordable
reliable water filtration. The DSU is based on Nephros' proprietary water
filtration technology originally designed for medical use in its H2H machine,
and is a complimentary product line to the Company's main focus, the ESRD
information on Nephros please visit the Company's website,
release contains certain "forward-looking statements" within the meaning of
Private Securities Litigation Reform Act of 1995, as amended. Such statements
may include statements regarding the efficacy and intended use of Nephros'
technologies, the timelines for bringing such products to market and the
availability of funding sources for continued development of such products
other statements that are not historical facts, including statements which
be preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. For such statements, Nephros claims the protection
of the Private Securities Litigation Reform Act of 1995.
statements are not guarantees of future performance are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the control of Nephros. Actual results
may differ materially from the expectations contained in the forward-looking
statements. Factors that may cause such differences include the risks that:
products that appeared promising to Nephros in research or clinical trials
not demonstrate anticipated efficacy, safety or cost savings in subsequent
pre-clinical or clinical trials; (ii) Nephros may not obtain appropriate or
necessary governmental approvals to achieve its business plan or effectively
market its products; (iii) Nephros may not to satisfy its debt obligations
they become due and payable and meet its anticipated cash needs and may not
successful in obtaining additional funding in order to continue operations
fund its clinical trials; and (iv) Nephros may be unable to show progress
consistent with its plan of compliance to meet the American Stock Exchange's
continued listing standards or may be otherwise unable to timely regain
compliance with the AMEX listing standards. More detailed information about
Nephros and the risk factors that may affect the realization of forward-looking
statements is set forth in Nephros' filings with the Securities and Exchange
Commission, including Nephros' Annual Report on Form 10-KSB filed with the
for the fiscal year ended December 31, 2006 and Nephros' Quarterly Report filed
on Form 10-QSB filed with the SEC for the quarter ended March 31,
2007. Investors and security holders are urged to read this document
free of charge on the SEC's web site at www.sec.gov. Nephros does not
undertake to publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.