EVERTEC, Inc. (NYSE: EVTC) (“EVERTEC” or the “Company”) announced today
that, as a result of its failure to timely file its Annual Report on
Form 10-K for the fiscal year ended December 31, 2015 (the “Form 10-K”),
it has received a notice from the New York Stock Exchange (the “NYSE”)
that the Company is not in compliance with the NYSE’s continued listing
requirements under the timely filing criteria established in Section
802.01E of the NYSE Listed Company Manual.
As previously disclosed, the reason for the delay is that the Company is
continuing to evaluate the accounting in prior years’ financial
statements for a net operating loss tax deduction relating to certain
2010 expenditures. This tax deduction resulted in the recognition of a
deferred tax asset of approximately $14 million as of December 31, 2010.
The NYSE informed the Company that, under the NYSE’s rules, the Company
will have six months from March 15, 2016 to file the Form 10-K with the
SEC. The Company can regain compliance with the NYSE listing standards
before that deadline by filing the Form 10-K with the SEC. The Company
is diligently working to complete the analysis of its prior accounting
and fully expects to file the 2015 Form 10-K within the NYSE’s six-month
deadline, if not sooner.
About EVERTEC
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction
processing business in Latin America, providing a broad range of
merchant acquiring, payment processing and business solutions services.
The Company manages a system of electronic payment networks that process
more than two billion transactions annually, and offers a comprehensive
suite of services for core bank processing, cash processing and
technology outsourcing. In addition, EVERTEC owns and operates the ATH®
network, one of the leading personal identification number (“PIN”) debit
networks in Latin America. Based in Puerto Rico, the Company operates in
19 Latin American countries and serves a diversified customer base of
leading financial institutions, merchants, corporations and government
agencies with “mission-critical” technology solutions. For more
information, visit www.evertecinc.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking
statements” within the meaning of, and subject to the protection of, the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
factors that may cause the actual results, performance or achievements
of EVERTEC to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by, or that otherwise
include the words “believes,” “expects,” “anticipates,” “intends,”
“projects,” “estimates,” and “plans” and similar expressions of future
or conditional verbs such as “will,” “should,” “would,” “may,” and
“could” are generally forward-looking in nature and not historical
facts. Any statements that refer to expectations or other
characterizations of future events, circumstances or results are
forward-looking statements.
Particular risks and uncertainties include, among others, the failure of
the Company to complete the analysis described above and file its 2015
Form 10-K in a timely manner and the potential resolution of the tax and
related accounting position in a manner adversely affecting the
Company’s financial results. Consideration should be given to the areas
of risk described above, as well as those risks set forth under the
headings “Forward-Looking Statements” and “Risk Factors” in the reports
the Company files with the SEC from time to time, in connection with
considering any forward-looking statements that may be made by the
Company and its businesses generally. We undertake no obligation to
release publicly any revisions to any forward-looking statements, to
report events or to report the occurrence of unanticipated events unless
we are required to do so by law.
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