CALGARY, April 16, 2003 (PRIMEZONE) -- Glen R. Alston, CFO of Carmina Technologies Inc. (OTCBB:CARL) ("Carmina"), reports that the Company has been informed by its auditors, BDO Dunwoody LLP ("BDO"), that they expect to be in a position to provide their opinion on the Company's December 31, 2002 Annual Report on Form 10-KSB by the end of April 2003. The delay results from the necessity of providing audited financial statements in accordance with US GAAP for the Year 2001 and the nine months ended September 30, 2002 for WorldWide Online Corporation ("WorldWide"), a Canadian corporation which the Company acquired effective October 1, 2002, and which for accounting purposes is considered the predecessor company to Carmina.
The former auditors of WorldWide had prepared audited statements for these periods in accordance with Canadian GAAP, but were unable to prepare the statements in US GAAP. BDO is currently in the process of auditing WorldWide for the year ended December 31, 2001, and the nine month period ended September 30, 2002.
Carmina's management regrets the delay and extra expense caused by this duplication of effort but has been advised that there is no other solution.
For shareholders' and investors' information, management has posted unaudited statements for Carmina for the year ended December 31, 2002 on the Company's website (www.carminatech.com). The audited statements that will be filed with the Company's Annual Report on Form 10-KSB should contain no material differences from the unaudited statements posted.
About Carmina Technologies
Carmina Technologies, Inc. (OTCBB:CARL) has developed and markets the Assur Family of products. These easy-to-use tools assure consistent, standards-driven monitoring of and reporting by mobile work forces. Currently, Carmina Technologies services the Pest Control and Food Safety & Health industries. Based in Calgary, Alberta, the Company has offices in Toronto and Vancouver.
For media and press inquiries, please contact Barrie Richardson (brichardson@apm-services.com) at 416-410-6114, ext. 412, or Jim Maloney (jim@gregoryfca.com) at 610-642-8253.
For analyst and investor inquiries, please contact John Alston (john@carminatech.com) at 800-793-8370, ext. 1, or Mary Borneman (mary@gregoryfca.com) at 610-642-8253.
Safe Harbor/Forward Looking Statements Disclaimer This announcement contains "forward-looking statements." Words such as "anticipate," "believe," "estimate," "expect" and other similar expressions as they relate to the Company and its management are intended to identify such forward-looking statements. Although the Company and its management believe that the statements contained in this announcement are reasonable, it can give no assurances that such statements will prove correct. Factors that could affect the occurrence of events or results discussed herein are included with those mentioned in the Company's filings with the Securities and Exchange Commission.