SPRING LAKE, N.J., Nov. 25, 2005 (PRIMEZONE) -- Medi-Hut Co., Inc. (the "Company") (Pink Sheets:MHUT) announced today that it has filed its annual report on Form 10-KSB for the fiscal year ended October 31, 2002 with the Securities and Exchange Commission ("SEC"). Due to the Company's inability to verify the financial performance of the Company for fiscal 2002, the 2002 annual report contains limited financial disclosure and analysis.
As previously reported by the Company, the actions of certain of the Company's former officers caused Medi-Hut to be subjected to corporate mismanagement in the form of accounting irregularities and securities fraud during the fiscal years ended October 31, 2002 and 2001, which ultimately resulted in the August 19, 2003 guilty pleas by the four senior officers of prior management to an action brought by the United States Department of Justice. Three of the former officers also entered into consent decrees with the SEC on the same date. The Company's current management commenced an extensive review of the financial statements and information disclosed in the Company's quarterly reports on Forms 10-Q and 10-QSB filed with the SEC in 2002 and 2001, respectively. As a result, the current management of the Company concluded that the financial statements and other information disclosed in the Company's quarterly reports on Forms 10-Q and 10-QSB filed with the SEC in 2002 and 2001, respectively, and disclosed in the Company's annual report on Form 10-KSB for the fiscal year ended October 31, 2001, cannot be relied upon due to the Company's inability to adequately verify such information because of incomplete or missing data. Consequently, the Company has amended its quarterly reports for the quarters ended January 1, 2001, April 30 2001, July 31, 2001, January 1, 2002, April 30, 2002 and July 31, 2002, and its 2001 annual report, by removing all of the information previously contained therein.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forwarding-looking statements shall be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.