LOWELL, Mass., Feb. 14, 2017 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ:CSPI) today announced that the Company will file a Form 12b-25 notification of late filing with the Securities and Exchange Commission to receive a 5 day extension to file its Quarterly Report on Form 10-Q (“Quarterly Report”). The delay in the filing of the Quarterly Report was due to the compressed time period between the delayed filing of its Annual Report for Fiscal 2016 and the deadline for the Quarterly Report for the first quarter of Fiscal 2017 and expanded testing of revenue transactions for our European operations in accordance with the revenue recognition criteria as required by U.S. Generally Accepted Accounting Principles. As a result of the compressed time period and expanded testing, our independent auditors have not completed their review of our financial statements for the Quarterly Report. We anticipate that we will file the Quarterly Report no later than February 21, 2017.
About CSP Inc.
CSPi (NASDAQ:CSPI) maintains two distinct and dynamic divisions – High Performance Products and Technology Solutions – with a shared vision for technology excellence. CSPi’s High Performance Products division offers extreme-performance Ethernet products for diverse applications, including cybersecurity, financial trading, content creation/distribution, storage networking applications, as well computer signal processing systems. CSPi’s Technology Solutions division provides innovative technology solutions for network solutions, wireless & mobility, unified communications & collaboration, data center solutions, advanced security, along with professional and managed services across those technology focus areas. CSPi Technology Solutions works with the world’s leading IT software and infrastructure companies to create solutions for the unique IT requirements of its customers. For more information, please visit www.cspi.com.
The Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, those related to its anticipated filing date of its Quarterly Report on Form 10-Q. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.
Contact: Gary Levine Chief Financial Officer CSP Inc. Tel: 978-954-5040 Fax: 978-455-3251