As a product of a Nasdaq cash verification request, SkyPeople’s independent registered public accounting firm, Paritz & Company, P.A., from January 5 to January 9, 2012, independently verified SkyPeople’s cash balances held in Chinese financial institutions in which the company and its subsidiaries have bank accounts. In this instance “independently verified” means that Paritz & Company personally visited each of the financial institutions involved and physically observed bank employees printing or otherwise preparing or completing documentation substantiating the cash balance for the accounts in question. It is important to note the distinction between the independent verification performed in this case and an audit firm relying solely on documentation completed and returned by bank personnel by mail or facsimile.
Paritz & Company’s independent verification verified that the cash balances of the accounts represent substantially all of the cash, cash equivalents, and restricted cash amounts as previously stated in SkyPeople’s 2011 financial statements contained in the Company’s recent 10-K filing.
“At a time when there is speculation as to the credibility of certain Chinese companies, SkyPeople investors can be reassured that our cash balances have been independently verified and that we employ of a high degree of financial integrity in terms of our financial management systems,” said Mr. Yongke Xue, SkyPeople’s CEO. “Investors can have confidence in the strength of our balance sheet that enables us to take advantage of the growth opportunities available to us in our sector.”
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