Wednesday, September 28, 2005
China Expert Technology (CXTI) 8-Ks
New auditors: BDO McCabe Lo & Co
The new auditors are unexpectedly dismissed! Huge red flag!
Auditors letter says nothing.
Note that the 2004 results were indeed audited by PKF (unqualified opinion).
Contains the expected letter from previous auditors.
Projecting revenue of $8 million with $2.5 million net income for Q1.
New board member: Huang Tao
"primary duty is to oversee strategic planning and general management of the Company." Previously worked for the Bank of China from 1981 to 2004. Last position was the Deputy General Manager of Retail Banking Department of the Headquarters. Member of Marketing Committee of MasterCard International (Asia Pacific Region) and the Marketing Advisor of Visa International (Asia Pacific Region) from 1998 to 2000. 20 years experience in banking industry and has established good relations with financial institutions and provincial governments in China. Bachelor Degree for English Language from the Nanjing Normal University and a Master Degree of Business Economy from the College of Graduate Students of the Chinese Academy of Social Sciences.3/14/2005
PKF hired as auditors for 2004 statements.
Formally dismissed Telford Sadovnick, PLLC, of Bellingham, WA 98225
Q4 and full 2004 results (already have this from the 10-K)