SAN JOSE, Calif., Oct. 20, 2008 (GLOBE NEWSWIRE) -- Bell Microproducts Inc. (Pink Sheets:BELM), one of the world's largest value-added distributors of storage and computing technology, today announced that it has made substantial progress towards completing the previously-announced restatements of its historical financial statements for the years ended December 31, 2004 and 2005. The Company currently anticipates that it will complete these restatements and file its annual report on Form 10-K for fiscal year 2006 in December.
"Completing our restatements and becoming current with our SEC filings has been a top priority for our management team and audit committee, and this filing will bring us one huge step closer," confirmed W. Donald Bell, President and Chief Executive Officer of Bell Microproducts. "Work is progressing on preparing our 2007 financial statements; our expected completion date will be forthcoming. We look forward to completing this process and returning to a regular reporting and filing schedule as soon as possible."
About Bell Microproducts
Bell Microproducts (Pink Sheets:BELM) is an international, value-added distributor of a wide range of high-tech products, solutions and services, including storage systems, servers, software, computer components and peripherals, as well as maintenance and professional services. An industry-recognized specialist in storage products, the company is one of the world's largest storage-centric value-added distributors.
Bell Microproducts is uniquely qualified with deep technical and application expertise to service a broad range of information technology needs. From design to deployment, its products are available at any level of integration, from components to subsystem assemblies and fully-integrated, tested and certified system solutions. More information can be found in the company's SEC filings, or by visiting the Bell Microproducts Web site at http://www.bellmicro.com.
Safe Harbor Statement
This release contains forward-looking statements that are based on the current opinions and estimates of management, and speak only as of the date on which they are made. Such forward-looking statements include, but are not limited to, management's belief that the Company presently expects to complete the previously-announced restatements of its historical financial statements for the years ended December 31, 2004 and 2005 and file its annual report on Form 10-K for fiscal year 2006 in December 2008. Actual results could differ materially from such statements as a result of many risks and uncertainties, including: the Company may not finish the accounting or other work necessary to complete the historical financial statements so that it can file its annual report on Form 10-K for fiscal year 2006 in December 2008, or ever; the Company may not be able to obtain the third-party consents necessary to file its 2006 Form 10-K in December 2008, or ever; the activities necessary to complete the restatements could divert significant management time and attention from the operations of the Company; and the costs to be incurred by the Company for extraordinary legal, accounting, and other professional fees related to the restatements may continue to be significant.
Investors should also take into account the risks described in the reports filed by the Company with the Securities and Exchange Commission when making investment decisions. Investors are cautioned not to place undue reliance on these forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.