July 18, 2003 — (WEB HOST INDUSTRY REVIEW) — EuroTrust (eurotrust.dk) announced yesterday that it was unable to file its Annual Report on Form 20-F for the year ended December 31, 2002 with the U.S. Securities and Exchange Commission.
EuroTrust?s financial statements have been audited by Ernst &Young for the fiscal years 2000 and 2001. In May of last year, the company?s shareholders selected KPMG to audit its financial statements for the fiscal year 2002.
During the course of their audit, KPMG raised questions relating to the accounting treatment of certain items, which could result in a restatement of the 2000 and 2001 financial statements audited by Ernst & Young. Due to scheduling conflicts between the two firms, a coordinated review will not begin until August.
The company said it expects to file its 20-F Form by the end of August.
On April 16, 2003 the company released its unaudited results for the year ended December 31, 2002, which reflected a net loss of approximately DKK 249 million. The company said it could not guarantee that this figure would not be adjusted after the audit is complete.
On July 16, 2003 the company received a letter from Nasdaq stating that it intended to delist the Company’s ADRs from the Nasdaq National Market due to the failure of the company to timely file its Annual Report on Form 20-F for 2002. EuroTrust intends to appeal the determination and request additional time to complete its filing.
Pending the outcome of the hearing, EuroTrust will continue to trade under the symbol ?EUROE.?
