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8-K - FORM 8-K - Hallwood Group Inc | d335589d8k.htm |
EXHIBIT 99.1
The Hallwood Group Incorporated
3710 Rawlins, Suite 1500 Dallas, Texas 75219 214.528.5588 Fax: 214.522.9254
FOR IMMEDIATE RELEASE
Contact: | RichardKelley, Chief Financial Officer | |
800.225.0135 214.528.5588 |
HALLWOOD GROUP RECEIVES
AUDIT OPINION WITH GOING CONCERN EXPLANATION
Dallas, Texas, April 13, 2012 The Hallwood Group Incorporated (NYSE Amex-HWG) reported that its audited consolidated financial statements for the fiscal year ended December 31, 2011, included in the Companys Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on April 2, 2012, contained an audit opinion from its independent public accounting firm which includes explanatory language related to going concern resulting from the award proposed by the court against the Company and the uncertainty related to the ongoing litigation.
This announcement is made pursuant to NYSE Amex Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing going concern explanatory language. This press release does not represent any change or amendment to the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
Certain statements in this press release that are not statements of historical fact, including but not limited to statements or underlying assumptions concerning the Hallwood Energy litigation, may constitute forward-looking statements or information within the meaning of Section 37A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements or information are subject to known and unknown risks and uncertainties including, among other things, the outcome of the Hallwood Energy litigation, certain economic conditions, competition, development factors and operating costs that may cause the actual results to differ materially from results implied by such forward-looking statements. Additionally, the inability to obtain funding for a significant, final judgment from the Proposed Findings could have a material adverse effect on the Companys financial position, results of operations and cash flows and raise substantial doubt about the Companys ability to continue as a going concern. These risks and uncertainties are described in greater detail in the Companys periodic filings with the Securities and Exchange Commission.
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