Westaff Announces Information In Compliance With NASDAQ Marketplace Rule 4350(b)(1)(B)
Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing solutions, today announced that the audit report contained in Westaff's most recent Annual Report on Form 10-K for the fiscal year ended November 1, 2008 was filed with the Securities and Exchange Commission on February 13, 2009. Included is an explanatory paragraph from Westaff's independent registered public accounting firm expressing substantial doubt about Westaff's ability to continue as a going concern due to the fact that Westaff has suffered recurring losses, is out of compliance with its bank covenants and may be unable to obtain an extension of its workers compensation policy. Pursuant to NASDAQ Marketplace Rule 4350(b)(1)(B), any company whose securities are listed on one of the NASDAQ stock exchanges, that receives an audit opinion that expresses doubt about the ability of the company to continue as a going concern for a reasonable period of time must make a public announcement through the news media disclosing the receipt of such opinion.
Westaff provides staffing services and employment opportunities for businesses through its network of Company-owned and franchise agent offices. Westaff annually employs more than 100,000 people and services thousands of client accounts throughout the United States.
This press release may contain forward-looking statements within the meaning of the U.S. securities laws. Forward-looking statements are generally identified by words such as "expects," "believes," "will," "should" and similar expressions that are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks and uncertainties cannot be controlled by Westaff. Information concerning these risks and uncertainties and other factors you may wish to consider is contained in Westaff's filings with the Securities and Exchange Commission (the "SEC"), including Westaff's most recent Annual Report on Form 10-K for the year ended November 1, 2008 filed with the SEC on February 13, 2009 and Westaff's Current Report on Form 8-K filed with the SEC on February 20, 2009.
Forward-looking statements are based on the beliefs and assumptions of Westaff's management and on currently available information. Westaff undertakes no responsibility to publicly update or revise any forward-looking statement except as required by applicable laws and regulations.