FALCONSTOR’S AUDIT OPINION REMOVES GOING CONCERN EXPLANATION
FalconStor Software, Inc., a market leader in storage software, announced that as part of its Annual Report on Form 10-K for the year ended December 31, 2017, filed on April 2, 2018, the audited financial statements were approved without the need for a going concern qualification paragraph by the company’s independent registered public accounting firm.
AUSTIN, TX, April 4, 2018 — FalconStor Software, Inc. (OTCQB: FALC), a market leader in storage software, announced that as part of its Annual Report on Form 10-K for the year ended December 31, 2017, filed on April 2, 2018, the audited financial statements were approved without the need for a going concern qualification paragraph by the company’s independent registered public accounting firm.
“As previously discussed during our Q3 and Q4 2017 earnings calls and periodic SEC filings, the company has taken several steps to dramatically improve its balance sheet, including returning the company to profitability, securing additional financing, and resetting the mandatory redemption date on the company’s Series A redeemable preferred stock to July 30, 2021,” said Todd Brooks, FalconStor CEO. “The removal of the going concern opinion marks another important step in our efforts to return FalconStor to sustainable growth, and expresses confidence in our strategy and underlying execution capabilities. We look forward to this next phase in 2018 and beyond.”
This announcement does not represent any change or amendment to the Company's consolidated financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
About FalconStor Software
FalconStor Software, Inc. (OTCQB: FALC) is a leading storage software company offering a converged data services software platform that is hardware agnostic. Our open, integrated flagship solution FreeStor® reduces vendor lock-in and gives enterprises the freedom to choose the applications and hardware components that make the best sense for their business. We empower organizations to modernize their data center with the right performance, in the right location, all while protecting existing investments. FalconStor’s mission is to maximize data availability and system uptime to ensure nonstop business productivity while simplifying data management to reduce operational costs. Our award-winning solutions are available and supported worldwide by OEMs as well as leading service providers, system integrators, resellers and FalconStor. The Company is headquartered in Austin, TX. with additional offices in Melville, N.Y., and throughout Europe and the Asia Pacific region. For more information, visit falconstor.com or call 1-866-NOW-FALC (866-669-3252).