The Company corrected its financial reporting issues, was forced to take legal action against their previous CPA accounting firm and will be temporarily listed on the Pink Sheets until the audit is complete
LAS VEGAS, NV, June 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE — Player’s Network, Inc. (OTCQB: PNTV), a rapidly growing company in the adult use and medical marijuana industries in Nevada and in Jujuy, Argentina, announced today it has replaced accountant Todd Peterson (ksne2enterprises) with new financial adviser Barry Hall.
Many of the Company’s shareholders are aware the Company was late filing its second and third quarter 2018 filings, which had a negative impact on the company’s stock price despite positive news of its unprecedented Argentina deal. Shareholders were not aware of are the reason(s) the filings were late, which have now been remedied with the termination of Mr. Peterson, and the hiring of Mr. Barry Hall. Mr. Peterson withheld PNTV’s books and records, accounting papers and related documents critical to the company’s filings, forcing the Company to file a complaint in Nevada State District Court to obtain the essential documents being held by Mr. Peterson. The Company has moved forward to sue for damages and has experienced delays in filing its year-end audit (10K).
On March 28th the court ordered Mr. Peterson to turn over all documents to the Company by March 29th. With those documents and the hiring of Mr. Hall, the company's year-end audit and filings are nearly completed. The company did not start its audit until early April, and it usually takes about 2 ½ months and due to the late start, everything should be wrapped up in the next few weeks and back on the OTCQB.
Barry Hall comes to PNTV with a tremendous amount of experience in the public markets. Mr. Hall has served in the capacity of President, Chief Executive Officer, and Chief Financial Officer for a variety of publicly and privately held Internet, high technology, and telecommunications companies. In just a short period of time, Mr. Hall has gained a strong understanding of the Company’s business and accounting model.
Mark Bradley, CEO of Players Network, states: “Barry Hall is more capable than his predecessor of dealing with the company’s rapidly expanding international accounting practices due to our growth. I am very impressed at the speed which Barry has educated himself on our company’s history and our financials so proper protocol in place to make our reporting smooth as we move forward. Once we file our year-end audit, we may experience a delay in filing Q1 2019, however, from that point forward we do not anticipate future delays.”
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About Player’s Network (stock symbol PNTV)
Player’s Network is a rapidly growing company in the marijuana industry with licensed grow operations in Las Vegas, Nevada and Jujuy, Argentina. Over the last 12 months, the Company has gone from a development stage company to a fully operational cannabis business. The business strategy is to grow by acquisitions, joint ventures, and new market opportunities in the US and Internationally. Cannabis is legal for medical use in 30 States plus DC. It is legal for adult recreational use in 9 States plus DC. The entire country of Canada legalized marijuana adult use in October 2018. The Company believes this trend of legalization of marijuana in the US and worldwide will continue and create tremendous growth opportunities for shareholders.
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Information about Forward-Looking Statements
This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: inability to gain or maintain licenses, reliance on unaudited statements, the Company’s need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company’s products, and other risks that are detailed from time-to-time in the Company’s filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Player’s Network Contacts:
David Klepinger, Investor Relations Manager
Interview Requests & Media Inquiries (General):
Brett H. Pojunis, Director