Boca Raton, FL, May 31--Q.E.P. said that it will not be able to release its financial results for the fourth quarter and full year, ended February 28, 2005, as planned on May 31, 2005.
The company intends to file a Form 12b-25 with the Securities and Exchange Commission on Tuesday, May 31, 2005 requesting an extension to file its Form 10-K for the period ended February 28, 2005. The company will need this extension in order to allow more time for the completion of the audit of its financial statements.
Lewis Gould, Chairman and Chief Executive Officer, stated, "While we are disappointed about this delay, it has not impeded, nor will impede our growth. On May 9, 2005, we were pleased to announce the acquisition of Capitol USA with annual sales of approximately $10 million. This acquisition was paid for with cash and a promissory note. Further, we are growing organically as our business model continues to support the strategies that we have in place. Although I cannot comment specifically on our progress until the audit is completed, I appreciate everyone's patience and want all investors to know I am extremely confident about Q.E.P.'s future."
