So, what does this mean for the stock?Auditor Resigns
Wednesday May 11, 9:58 am ET
OTTAWA, ON, May 11 /CNW/ - ACE/Security Laminates Corporation (the "Company") announced today that its auditors, Raymond Chabot Grant Thornton LLP ("RCGT"), had tendered its resignation as the Company's auditors effective immediately. RCGT notes that ACE management has lost confidence with their firm. "ACE intends to comply with reporting requirements under applicable securities laws relating to the resignation of its auditors", states Mr. Peter Fabian President and CEO.
In its resignation, RCGT alleges that a reportable event exists. The Company also announced that its Audit Committee is in the process of engaging an independent accounting firm to review accounting issues remaining outstanding at the time of the resignation of RCGT including the alleged reportable event. The Audit Committee will also proceed with a search for a new auditor.
ACE/Security Laminates(TM) Corporation specializes in manufacturing and distributing, through a worldwide network of dealers, safety and security window laminating technology. Since 1999 ACE has established a presence in 40 countries. ACE produces a micro thin polyester laminate that, when applied to glass, protects against baseball bats, crowbars, rocks, fire, Molotov cocktails, bombs, bullets and natural disasters.
The advantages of ACE's products are found in their protective capabilities, transparent finish, and simple application to existing windows. What makes ACE's security laminates the obvious choice when protecting people and property is the extensive third party testing they have undergone against threat levels ranging from break and entry to bullets and bombs; demonstrating the product's high-end performance.