AHIX Retroactively Terminates Merger with Core Wafer Systems, Inc. and Restates Previously Issued Financial Statements
Aug. 20, 2018
HOLLYWOOD, FL / ACCESSWIRE / August 20, 2018 / Aluf Holdings, Inc. ("AHIX") ("the Company") (OTC PINK: AHIX) announced today it had delivered a letter to Roger Goetz, seller of Core Wafer Systems, Inc., notifying him that the Company declares that merger agreement, which was consummated on October 26, 2012, is retroactively cancelled, effective October 1, 2015, citing fraud and gross misrepresentation. Roger Goetz is currently serving four and a half years in a Federal Prison for multiple counts of fraud and wire fraud.
As a result of the termination of the merger, the Company has restated its previously issued consolidated financial statements for each of the years ended December 31, 2015, 2016, and 2017 and the interim periods contained therein, as well as the Company's unaudited consolidated financial statements for the quarter ended March 31, 2018, to eliminate all consolidating entries.
The restatement of the Company's previously issued consolidated financial statements resulted in, among others, the following:a decrease in accumulated deficit and an increase in total stockholders' equity at December 31, 2015 of $3.4 million and $2.4 million, respectively. a decrease in total liabilities at December 31, 2015 of $1.6 million.
About Aluf Holdings, Inc.
Aluf Holdings, Inc. (AHIX) is a holding company headquartered in Hollywood, FL, engaged in acquiring, operating, and managing subsidiary companies in the development and sale of proprietary software. Its strategy is to build a larger and more diverse enterprise software company through strategic acquisitions and managed growth within its business sectors as it acquires profitable businesses with strong growth potential and a solid business plan in the software and technology industries. The Company's merger and acquisition model targets unique biometrics enterprises with key common attributes and parameters. These include stellar management, a broad proprietary product and service offering, dedicated research and development, robust margins, high-growth potential, economies of scale, and low barriers to rapid, efficient integration of operations, especially sales, marketing, and customer service. As it expands, AHIX's overall portfolio of products and services will include secure, scalable, digital cyber security solutions for hyper-positive human identification, access management, feasibility studies, customized communications and automation analysis, bespoke software development, and other advanced technologies for facial, voice, fingerprint, finger vein, retinal scan, and recurrent still frame and video comparison verification. For more information go to www.alufinc.com.
Safe Harbor Statement:
This release may contain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and of Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of Aluf Holdings, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully in its market segment, and the ability to complete some or all the before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
Aluf Holdings, Inc.
Teresa McWilliams, CFO
SOURCE: Aluf Holdings, Inc.