Trans-Lux Corporation (OTCQB: TNLX), a leading supplier of LED technology for high resolution video displays and lighting applications, today reported that the going concern paragraph has been removed from its audit opinion contained in their recently filed Form 10-K for the year ended December 31, 2011.
The Going Concern assumption requires an auditor to evaluate conditions or events that raise questions about an entity's ability to continue as a going concern. Typically, if an auditor has concerns about a firm's ability to continue as a going concern, the audit opinion will contain a paragraph outlining issues with this assumption. In its recently filed Form 10-K for the year ended December 31, 2011, Trans-Lux Corporation's auditors did not include any such going concern paragraph in their audit opinion.
"Having the going concern opinion removed by our auditors is a validation of our efforts to restructure and refocus the Company," noted J.M. Allain, Trans-Lux President and Chief Executive Officer. "Having this lifted will provide confidence in our stockholders, the capital markets and our customers. While we continue to have much work to do, we remain absolutely focused in executing our long-term strategy to continue the growth of the Company," concluded Mr. Allain.
About Trans-Lux
Trans-Lux Corporation is a leading designer and manufacturer of digital video display and LED lighting solutions for the financial, sports and entertainment, education, commercial, gaming and leasing markets. With a comprehensive offering of LED Large Screen Systems, LCD Flat Panel Displays, Data Walls and our Fair-Play Scoreboards, Trans-Lux delivers comprehensive digital video solutions for any size venue's indoor and outdoor display needs. For more information, please visit www.Trans-Lux.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The Company may, from time to time, provide estimates as to future performances. These forward-looking statements will be estimates and may or may not be realized by the Company. The Company undertakes no duty to update such forward-looking statements. Many factors could cause actual results to differ from these forward-looking statements, including loss of market share through competition, introduction of competing products by others, pressure on prices from competition or purchasers of the Company's products, interest rate and foreign exchange fluctuations, terrorist acts and war.
Contacts:
Trans-Lux Corporation
Angela D. Toppi, 203-642-5903
Executive
Vice President & CFO
