Alaska Pacific Energy Corp. (OTC Pink: ASKE) announced last week that it has retained the services of RBSM LLP-Accountants and Advisors. The scope of the engagement is to conduct an audit of the company's financials. The purpose of the audit is to assist the company in becoming once again listed as an OTCQB Company. As an OTCQB company, the company is required to have its financial reports audited by a Public Company Accounting Oversight Board Accounting Firm (PCAOB). These financial reports as well as disclosure and other reports are filed with the Securities Exchange Commission. http://www.otcmarkets.com/companies-advisors/otcqb.
RBSM LLP is a certified public accounting firm with operating offices in major cities in the United States, Europe & Asia. The firm provides professional accounting, auditing and tax services to a number of publicly held businesses as well as privately held companies. http://www.rbsmllp.com/about-us-overview.php.
"I see this as a workable task," said Alaska Pacific President Dominick Falso. "Although any time there is a management change... like we have gone through, understanding the accounting that was done by the predecessors can have its challenges... but we have spent enough time going through the company records... and they appear to be in proper order... we feel comfortable that the records are certainly auditable. I am very happy that we were able to engage RBSM. They are a world class firm."
The company will be working with Managing Partner Peter Stefano. Peter has thirty years of experience in serving the audit and accounting needs of domestic and international public and privately-held enterprises. Peter has made presentations at a number of conferences addressing topics affecting enterprises seeking to access the public markets as well as challenges facing current registrants. http://www.rbsmllp.com/about-us-member-stefanou.php.
In July of 2011, the company filed a form 15 with the SEC, voluntarily becoming delisted from the QB. When new management took over Alaska Pacific in December of last year the company was listed as a Limited Information Company on OTC Markets. The company then completed all the necessary tasks to once again regain its status of "OTC Pink Current Information" on the OTC Market. At that point, Company President Dominick Falso indicated that "... it just makes sense for the company to determine whether continuing the remediation of the company's OTC status back to the QB is a fiscally sound idea."
As an "OTC Pink Current Information" company, the company is currently required to post quarterly and annual financial and disclosure reports on the OTC Markets site. This information is then available for the public (investors) to examine. As an OTCQB company, the company will be required to have its financial reports audited by a Public Company Accounting Oversight Board Accounting Firm (PCAOB). These financial reports as well as disclosure and other reports are filed with the Securities Exchange Commission. http://www.otcmarkets.com/companies-advisors/otcqb.
"There is additional expense in becoming and maintaining QB ranking," said Mr. Falso. "I have examined the options... it is time to act... It appears that the return to a reporting status is within our reach and a worthwhile project... Also, we are looking at oil and gas projects that could conceivably produce tens if not hundreds of millions of dollars in oil and gas. When those kinds of figures are involved... it just makes sense to have audited financials... we hope to be a QB reporting company by the time we file our second quarter reports... I am very excited and optimistic about the future of our company."
Safe Harbor Statement: This release includes "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 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
SOURCE: Alaska Pacific Energy Corp.