CLEVELAND, June 3, 2008 (PRIME NEWSWIRE) -- Critical Solutions Inc. (Pink Sheets:CSLI), the designer of renewable energy tower systems, announced today that it has engaged the auditing firm of De Joya Griffith & Company, LLC. Under the terms of the engagement, De Joya Griffith & Company, LLC will audit Critical Solutions' March 31, 2007 and 2008 financial statements in accordance with auditing standards established by the Public Company Accounting Oversight Board ("PCAOB").
Additionally, the Company has begun preparations of a Form 10 SEC filing in order to become a fully reporting issuer under the Securities Exchange Act of 1934, as amended. This filing, once cleared, will also allow the company to apply with FINRA for listing on the OTCBB and it will allow market makers to display proprietary quotations to create more liquid, efficient and competitive secondary trading with decreased volatility.
Aaron Caplan, Chief Operating Officer of Critical Solutions, Inc., commented, "By becoming a 'fully reporting' company and up-listing to the OTCBB, Critical Solutions will become much more trustworthy in the financial markets and it will increase investor confidence as a result of our commitment. This honors our commitment to shareholders to become a fully reporting public company in 2008. Once listed in the bulletin board, the company will be exposed to a broader base of investors and sophisticated financial institutions."
Critical Solutions Inc., through its wholly owned subsidiary, Critical Power Solutions International, Inc., manufactures and sells a line of patent-pending, self-powered trailer systems that can be rapidly deployed to power physical security and communication requirements for areas where power is difficult to obtain, or where conventional power means are too expensive to deploy. The company utilizes non-traditional power sources such as solar, wind, and hydrogen to provide efficient recovery, backup and primary power systems. The Company's alternative energy trailer systems have been chosen by a top defense contractor to secure a nuclear power plant, by the Federal Bureau of Prisons for Emergency Response Teams, and by the Marines for emergency communications. Please visit www.criticalsolutions.net.
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Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.