AUSTIN, Texas, March 10, 2004 (PRIMEZONE) -- Nano-Proprietary, Inc. (OTCBB:NNPP) today announced that its independent auditors, Sprouse & Anderson, L.L.P., have issued an unqualified opinion on its financial statements for its fiscal year ended December 31, 2003.
The previous year's audit opinion from Sprouse & Anderson, L.L.P. was a qualified opinion that expressed doubt about the Company's ability to continue as a going concern. The Company had received similar qualified opinions related to its ability to continue as a going concern from its independent auditors for each year from 1995 through 2002. The 2003 unqualified opinion and the related financial statements are included in the Company's annual report on Form 10-KSB, which was filed yesterday, March 9, 2004.
"We are pleased that our improved financial condition enabled our independent auditors to remove their qualification related to potential uncertainty about our ability to continue operations," said Marc Eller, CEO of Nano-Proprietary, Inc. "We believe this unqualified opinion will be a significant positive as we negotiate development and license agreements."
Nano-Proprietary, Inc. is a holding company consisting of two wholly owned operating subsidiaries: Applied Nanotech Inc. is a premier research and development organization dedicated to developing applications for nanotechnology with an extremely strong position in the field of electron emission applications from carbon film/nanotubes; and Electronic Billboard Technology, Inc. (EBT) is geared toward licensing its electronic digitized sign technology.
Nano-Proprietary's website is www.nano-proprietary.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties concerning Nano-Proprietary's business, products and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results is included in Nano-Proprietary's annual report on Form 10-KSB for the fiscal year ended December 31, 2003, and in reports subsequently filed by Nano-Proprietary with the Securities and Exchange Commission("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at www.sec.gov or from Nano-Proprietary's web site listed below. Nano-Proprietary hereby disclaims any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.