Seeking Alpha

MissionIR's  Instablog

MissionIR
Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
MissionIR
My blog:
MissionIR Blog
  • SkyPeople Fruit Juice, Inc. (SPU) Provides Additional Information Regarding The Verification Of Its Fiscal Year End 2011 Cash Balances 0 comments
    Apr 23, 2012 2:55 PM | about stocks: SPU

    SkyPeople Fruit Juice, a producer of fruit concentrates, fruit beverages, and other fruit-related products, has provided additional regarding their cash balances as of the end of its 2011 fiscal year.

    As a product of a Nasdaq cash verification request, SkyPeople's independent registered public accounting firm, Paritz & Company, P.A., from January 5 to January 9, 2012, independently verified SkyPeople's cash balances held in Chinese financial institutions in which the company and its subsidiaries have bank accounts. In this instance "independently verified" means that Paritz & Company personally visited each of the financial institutions involved and physically observed bank employees printing or otherwise preparing or completing documentation substantiating the cash balance for the accounts in question. It is important to note the distinction between the independent verification performed in this case and an audit firm relying solely on documentation completed and returned by bank personnel by mail or facsimile.

    Paritz & Company's independent verification verified that the cash balances of the accounts represent substantially all of the cash, cash equivalents, and restricted cash amounts as previously stated in SkyPeople's 2011 financial statements contained in the Company's recent 10-K filing.

    "At a time when there is speculation as to the credibility of certain Chinese companies, SkyPeople investors can be reassured that our cash balances have been independently verified and that we employ of a high degree of financial integrity in terms of our financial management systems," said Mr. Yongke Xue, SkyPeople's CEO. "Investors can have confidence in the strength of our balance sheet that enables us to take advantage of the growth opportunities available to us in our sector."

    For more information, please visit www.skypeoplefruitjuice.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: SPU
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.