Electronic Game Card Inc. Begins Review of Withdrawal of Audit Opinions and Announces Management Changes
Electronic Game Card Inc. (EGC), Irvine, Calif., announced PricewaterhouseCoopers LLP has begun a forensic review of the circumstances that gave rise to EGC's independent auditors' withdrawal of its audit opinions for EGC's financial statements for the years ended December 31, 2006, 2007 and 2008. EGC also announced that it will be unable to timely file its annual report on Form 10-K for the year ended December 31, 2009.
Further, EGC announced that Lee Cole and Anna Houssels have resigned from the board of directors. Houssels has also resigned from her position as executive vice president. EGC also disclosed that Linden Boyne, EGC's interim chief financial officer and secretary, will no longer be serving in those positions. No replacements for Cole, Houssels or Boyne have been named. EGC announced that it has retained Shearman & Sterling LLP as its legal counsel.
About Electronic Game Card Inc.
Electronic Game Card Inc. develops, produces and markets innovative games to the casinos and lottery, toys and games, education, and promotional industry worldwide. The company's lead product is the EGC Electronic GameCard, a unique credit card-sized pocket game combining patent and patent-pending proprietary technology of interactive capability with "instant win" excitement.
For further information please visit www.electronicgamecard.com