Published: 13 Februari 2008 | 12:00h
February 13, 2008 – Baarn, The Netherlands – Commodore International Corporation (“Commodore” - OTC:CDRL) has announced that further to its previous press release concerning the Phillar Beheer group, it is facing a significant delay in completing its investigation of the financial books of Phillar Beheer due to legal proceedings in this matter.
Therefore Commodore intends to publish its consolidated financials for FY 2007 excluding the figures of Phillar Beheer.
Commodore expects its financial figures for FY 2007 to be substantially lower than previously estimated. However, the expected net loss remains approximately 10 million Euros as previously disclosed in the company’s shareholders meeting of October 2007. This net loss is a direct result of the delay in the introduction of Commodore’s GRAVEL line of products in the European market.
In recent months Commodore has successfully raised substantial additional equity from strategic investors and has achieved substantial cost savings, all in order to secure its operational course of business.