Wizzard Media (WZE) Nears Phase I Completion of FAB Acquisition
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Wizzard Media (AMEX: WZE), reports it is nearing completion of Phase I of the due diligence process regarding the acquisition of FAB. The two companies have exchanged due diligence documents and both are currently reviewing and making final requests for information, which includes legal, accounting, tax, financial, contractual and other historical information.
Wizzard is currently working towards an assessment of quality of earnings including the identification of any overly aggressive accounting policies and the assessment of the adequacy of judgmental accounts in accordance with Generally Accepted Accounting Principles. Additionally, Wizzard is in the process of analyzing cash flows, reviewing assets and liabilities, identifying key business drivers focusing on trends in profitability and significant concentrations of risk.
The transaction, which is expected to close by the end of 2011 and be immediately accretive to Wizzard’s non-GAAP earnings per share, is subject to substantial due diligence, approvals by each company’s shareholders, the satisfaction of customary closing conditions and regulatory approvals both in the U.S. and China.
Wizzard is currently working towards an assessment of quality of earnings including the identification of any overly aggressive accounting policies and the assessment of the adequacy of judgmental accounts in accordance with Generally Accepted Accounting Principles. Additionally, Wizzard is in the process of analyzing cash flows, reviewing assets and liabilities, identifying key business drivers focusing on trends in profitability and significant concentrations of risk.
The transaction, which is expected to close by the end of 2011 and be immediately accretive to Wizzard’s non-GAAP earnings per share, is subject to substantial due diligence, approvals by each company’s shareholders, the satisfaction of customary closing conditions and regulatory approvals both in the U.S. and China.
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