BLACKWOOD, N.J., Dec. 5 /PRNewswire-FirstCall/ -- Airtrax, Inc. (OTC Bulletin Board: AITXE), a developer of patented Omni-Directional Technology with military and commercial applications, today provided an update on the status of the delayed filing of its form 10QSB for the period ending September 30, 2007 . The delay was caused by an accounting requirement to restate certain prior financial statements, beginning in 2004, as described in an 8-K filed by Airtrax on November 8, 2007 , which can be viewed at www.sec.gov.
The restatement of prior period financial statements and the related roll forward of such information contained therein and dating back to 2004, is the result of the incorrect accounting for certain derivative financial instruments issued in connection with prior convertible debt and equity financings. The Company is in the process of restating the following financial reports: Form 10KSB for the year ending periods of December 31, 2004 , 2005 and 2006, together with Form 10QSB for the quarter ending periods of March 31, 2005 , June 30, 2005 , September 30, 2005 , March 31, 2006 , June 30, 2006 , September 30, 2006 , March 31, 2007 , and June 30, 2007 .
Once completed the restatements are anticipated to properly reflect the Company's financial position prior to the three month period ending September 30, 2007 . These restatements will result in non-cash and non-operational related charges to earnings (losses). Subsequent to the filing of the 10QSB for the period ending on September 30 , the company will file the restated reports with the SEC. It is anticipated that Airtrax's form 10QSB for the period ending September 30 will be filed this week, and subsequently the 'E' will be removed from the ticker symbol and it will revert back to 'AITX'.
About Airtrax, Inc.:
A U.S.-based developer of Omni-Directional Technology, Airtrax designs and manufactures Omni-Directional Vehicles. The Airtrax patented wheel was designed and developed by Airtrax after receiving a technology transfer from the US Navy in the form of a Cooperative Research and Development Agreement (CRADA).
The SIDEWINDER(TM) Lift Truck, MP2 Equipment Handlers, and the KING COBRA(TM) ATX-3368 Omni-Directional Aerial Work Platform (AWPs) are the first Omni-Directional vehicles using Omni-Directional technology and the patented Airtrax wheel to be commercially produced. The nearly maintenance-free drive system design reduces maintenance costs, delivering cost efficiencies to companies both large and small. The Airtrax patented Omni-Directional wheel is manufactured exclusively for Airtrax vehicles.
Airtrax has developed business partnerships, received orders, and shipped SIDEWINDER Lift Trucks to California, Wisconsin, Arkansas, Ohio, New Jersey, Kentucky, Florida, and Pennsylvania in the United States , and internationally to the United Kingdom , Japan , Spain , Panama , New Zealand , Canada , and South Africa .
For more information and to view a must-see product demonstration, visit www.airtrax.com or http://www.equityperformancegroup.com/clients_airtrax.php.
The Private Securities Litigation Reform Act of 1995 provides a 'Safe harbor' for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Customers of the SIDEWINDER mentioned in this release may own shares of Airtrax's stock or may own shares in the future.
For further information, contact:
At the Company: Investor Relations:
Airtrax The Equity Performance Group
Robert M. Watson Gary Geraci
856-232-3000 617-242-1025
http://www.airtrax.com gary@equityperfgp.com
http://www.equityperformancegroup.com
SOURCE Airtrax, Inc.
