EXIM Internet Group, Inc. (OTC: EXGN.PK) Files SEC form 8-K, Change in Accountant
 Released on July 25, 2005, 10:46 am
Press Release Author: EXIM Internet Group, Inc.
Industry: International Trade
MERCER ISLAND, WA, USA -- (MARKET WIRE) -- Jul 25th, 2005 -- EXIM Internet Group, Inc. (OTC: EXGN.PK) Files SEC form 8-K, Change in Accountant
ITEM 4.0 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT:
(1) Previous Independent Auditors: Cordovano & Honeck, LLP
(i) Effective June 20, 2005, Exim Internet Group, Inc., formerly Global Trade Portal Corporation and Hydro Environmental Resources, Inc, (the Company) determined to change the Company's independent accountants, and, accordingly, ended the engagement of Cordovano & Honeck, LLP, in that role and retained Madsen & Associates, CPA's, Inc. as its independent accountants. The Audit Committee of the Board of Directors (the "Audit Committee") and the Board of Directors of the Company approved the decision to change independent accountants and Cordovano & Honeck, LLP were dismissed as the Company's independent auditors.
(ii) Management of Exim Internet Group, Inc., formerly Global Trade Portal Corporation and Hydro Environmental Resources, Inc., is unaware of any disagreements with Cordovano & Honeck, LLP related to any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure from their engagement through June 20, 2005 and for the most recent fiscal year of December 31, 2003 through June 20, 2005 when Cordovano & Honeck, LLP was terminated.
(iii) The Company's Board of Directors participated in and approved the decision to change independent accountants. Cordovano & Honeck, LLP's audit report on the financial statements for the year ended December 31, 2003 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting principles, with the exception of the following "going concern" qualification the December 31, 2002 and December 31, 2003 audited financial statements. For the financial period ending December 31, 2003, Cordovano and Honeck, LLP reported the following:
"BASIS OF PRESENTATION
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company is a development stage company that is in default on certain loans at December 31, 2003 and has suffered significant operating losses since inception. These factors, among others, may indicate that the Company will be unable to continue as a going concern for reasonable period of time.
The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company's management intends to satisfy cash requirements through the sale of its common stock and cash advances from officers and principal shareholders in exchange for debt or restricted common stock. In addition, management plans to continue the policy of issuing common stock in exchange for services. Management is also considering (1) a private offering and sale of common stock, (2) a public offering and sale of common stock, or (3) a combination of the two previous options. The Company's future success is dependent upon its ability to create an effective product and provide competitive services on a timely and cost-effective basis and, ultimately, to attain profitability.
DEVELOPMENT STAGE COMPANY
Hydro Environmental Resources, Inc. (the "Company") is in the development stage in accordance with Financial Accounting Standards Board ("FASB") Statements of Financial Accounting Standards ("SFAS") No. 7 "Accounting and Reporting by Development Stage Enterprises"."
For the financial period ending December 31, 2002, Cordovano & Honeck, LLP reported the following:
"Basis of presentation
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company is a development stage company that is in default on certain loans at December 31, 2002 and has suffered significant operating losses since inception. These factors, among others, may indicate that the Company will be unable to continue as a going concern for reasonable period of time.
The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company's management intends to satisfy cash requirements through cash infusions from officers and principal shareholders in exchange for debt or restricted common stock. In addition, management plans to continue the policy of issuing common stock in exchange for services. Management is also considering (1) a private offering and sale of common stock, (2) a public offering and sale of common stock, or (3) a combination of the two previous options. The Company's future success is ultimately dependent upon its ability to create and provide effective and competitive services on a timely and cost-effective basis.
Development stage company
Hydro Environmental Resources, Inc. (the "Company") is in the development stage in accordance with Financial Accounting Standards Board ("FASB") Statements of Financial Accounting Standards ("SFAS") No. 7 "Accounting and Reporting by Development Stage Enterprises".
(iv) In connection with its audits for the two most recent fiscal years and review of financial statements through September 30, 2004, there have been no disagreements with Cordovano & Honeck, LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Cordovano & Honeck, LLP would have caused them to make reference thereto in their report on the financial statements.
(v) During the two most recent fiscal years of December 31, 2002 and 2003, and the interim period to September 30, 2004, there have been no reportable events with the Company as set forth in Item 304(a(i)(v) of Regulation S-K.
(vi) The Company requested that Cordovano & Honeck, LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements.
(2) New Independent Accountants:
(i) The Company engaged Madsen & Associates, CPA's Inc., Inc., Murray, Utah as its new independent auditors as of June 20, 2005. Prior to such date, the Company, did not consult with Madsen & Associates, CPA's, Inc. regarding (i) the application of accounting principles, (ii) the type of audit opinion that might be rendered by Madsen & Associates, CPA's, Inc, or (iii) any other matter that was the subject of a disagreement between the Company and its former auditor as described in Item 304(a)(1)(iv) of Regulation S-B.
About EXIM Internet Group, Inc. (OTC: EXGN.PK)
EXIM Internet Group, Inc. intends to acquire and operate companies, web sites, projects and ventures primarily within the Export/Import and International trading industries. Exim has presently acquired the worldwide license from Exim Holdings, SA to implement a platform with one of the most popular and biggest networks of b2b (business to business) web properties within the industry sector over the Internet. Exim’s acquisition resulted in a network of sites totals more than 450,000 resourceful web pages under management and growing. Exim’s websites include www.usaexportimport.com www.ExportImportForum.com, www.post-trade-leads.com, and globalexport.usaexportimport.com
For Further Information, Please Contact:
Oleg Lazarov
EXIM Internet Group Inc.
Tel: 866.571.0200
Fax.: 877.571.9500
www.eximinternet.com
info@eximinternet.com
This release contains forward-looking statements and projections, made in reliance on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements have known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any results, performance or achievements
expressed or implied by such forward-looking statements. Actual results could differ materially from those set forth in such forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance. We caution you not place undue reliance on forward-looking statements.
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To find out more about us, visit us at the following web address: http://www.eximinternet.com
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