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.
About Commodore International Corporation
Commodore International Corporation (OTC:CDRL) is a creator, developer and full-service provider of innovative digital media services, software and hardware. Innovations such as the CommodoreWorld™ multi media platform, the Gravel™ premium product line and the In Public MediaTower, open up new opportunities for the customization and sharing of media entertainment, such as music, movies and games.
Commodore International Corporation (OTC: CDRL)
Europe (Operational Offices) Hermesweg 15 3741 GP Baarn The Netherlands Phone: +31 (0)35 528 81 50 Fax: +31 (0)35 528 81 51
Corporate Website:: www.commodorecorp.com
For further details please contact:
Rob Okhuijsen, PR and Communications
for Commodore International Corporation
Tel: +31 (0)626216773
Email: R.Okhuijsen@m-o.nl
Forward Looking Statements
This press release contains forward-looking statements and the announcement of preliminary undertakings. Such statements should not be construed as an invitation to participate in an offering of Commodore shares or a confirmation that an offering will indeed occur. Investors are cautioned that these forward-looking statements are subject to numerous risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Such risks and uncertainties relate to, among other factors: the level of orders for and sales of the company’s products in European markets; the timing and success of the company’s efforts in U.S. markets; the company’s ability to successfully strengthen its own dedicated sales force; the timing and success of the company’s introduction of new products; and the company’s ability to successfully complete future corporate partnerships and financings.