TRENTON, N.J., March 31 /PRNewswire-FirstCall/ -- Clark Holdings Inc. ("Clark") (NYSE AMEX: GLA; GLA.U; GLA.WS), a non-asset-based provider of mission-critical supply chain solutions, today announced that it will file with the Securities and Exchange Commission ("SEC") an amendment to its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 ("Annual Report") in order to present The Clark Group, Inc. ("CGI") as its predecessor in its audited consolidated financial statements in the Annual Report (the "Financial Statements"). Clark purchased all of the capital stock of CGI, its wholly owned operating subsidiary, on February 12, 2008.
The amendment will represent a change in presentation only. Clark's financial results as reflected in its consolidated balance sheets, statements of operations, statement of stockholder's equity and statements of cash flows included in the Annual report will not be materially affected by this change in presentation. Because the current presentation of the Financial Statements is considered a presentation error as addressed in FASB ASC 250-10-20, Clark today filed with the SEC a Current Report on Form 8-K, as required under Item 402 thereof, to report that the Financial Statements should no longer be relied upon. As soon as practicable, Clark will file with the SEC an amended Annual Report with audited consolidated financial statements that present CGI's financial results as Clark's financial results for the fiscal year ending December 29, 2007 and for the period from December 30, 2007 to February 11, 2008.
About Clark
Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media and other industries.
This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in Clark's filings with the Securities and Exchange Commission. Clark undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Clark Holdings Inc.
CONTACT: Gregory Burns, Chief Executive Officer, Clark Holdings Inc.,
+1-646-495-5094
