Global Power Equipment Group Inc (OTCMKTS: GLPW) will post financial statements for 2015 fiscal year and other restated years on September 30. The filling of the first and second quarter earnings for the current fiscal year will follow thereafter.
Dissolution of Special Committee
Following the announcement, the company has consequently dissolved a committee that was formed last year May, to look into the facts relating to historical financial results. Following a review of all the evidence at hand, Global Power says the committee did not find any evidence of intentional misconduct or fraud relating to the financial statements to be restated.
The dissolution of the committee according to CEO and President, Terence j Cryan affirms the progress the company is making on its financial review process. The executive says they have enhanced the company’s internal controls and procedures relating to financial reporting and accounting. Focus according to the executives now shifts towards executing a strategic plan that seeks to grow shareholders value.
Board of Directors
Last Month, Global Power confirmed the appointment of Nelson Obus to its Board of Directors. Obus joins the board of director with vast experience having also served on the board of Breeze-Eastern Corporation. Chair of the board, Charles Macaluso says the appointment of Obus will help rebuild the company’s value as well as investor confidence going forward.
Obus is the president and co-founder of Wynnefield Capital Inc. He also serves on the board of Layne Christensen Company as well as Board of Advisors of the Bank of Princeton. Following his appointment, Global Power will have eleven members.
Global Power Equipment Group Inc (OTCMKTS: GLPW) stock has however been an underperformer in the market in the recent. The stock is currently trading in a tight range of between $2.52 a share and $3.26 a share. Its 52-week high currently stands at $7.98 a share.