Versar Reiterates Plan for Completion of Outstanding Sec Filings
SPRINGFIELD, VA / ACCESSWIRE / February 14, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced its scheduled filing of Form 12b-25 with the Securities and Exchange Commission (SEC) stating that the Company will not timely file its Form 10-Q for the fiscal quarter ended December 30, 2016. Versar reiterates that it expects to adhere to its previously announced timeline for completing its outstanding filings and continues to work with its independent auditor, Urish Popeck LLP, towards filing its Form 10-K, as well as the Form 10-Q for the fiscal quarter ended September 30, 2016, within the next 45 days. The Company plans to file the Form 10-Q for the fiscal quarter ended December 30, 2016 within 30 days thereafter.
Consistent with its obligations to its lender, Bank of America, N.A., the Company is continuing to seek a replacement credit facility or other financial arrangement. As such, the Company has not yet completed its audited financial statements for, and has not yet filed, its Form 10-K for the fiscal year ended July 1, 2016. Until the fiscal 2016 audited financial statements are complete and the Form 10-K is filed, the Company is not able to complete its quarterly financial statements and thus has not completed its financial statements for the first and second quarters of fiscal 2017.
According to Tony Otten, Versar's Chief Executive Officer, "Versar is operating according to its existing timeline to meet its obligations with the Securities and Exchange Commission, and we continue to work effectively with our auditor, Urish Popeck, to complete all required filings. Today's filing is consistent with our previously expressed timeline to return to compliance with the SEC."
VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas.
VERSAR operates the following websites: www.versar.com and www.versarpps.com.
Find out more about VERSAR at
https://twitter.com/VersarInc
https://www.facebook.com/VersarInc
http://www.linkedin.com/company/38251
This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 26, 2015, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
Contact:
Karin Weber
M&A, Investor Relations
Versar, Inc.
(703) 642-6706
kweber@versar.com
Robert Ferri
Manager Robert Ferri Partners
(415) 575-1589
robert.ferri@robertferri.com
SOURCE: Versar, Inc.
