Heritage Bankshares, Inc. Completes Restatement, Files 2004 10-KSB
12 Junio 2006 - 4:05PM
PR Newswire (US)
NORFOLK, Va., June 12 /PRNewswire-FirstCall/ -- Heritage
Bankshares, Inc. ("Heritage") (Pinksheets: HBKS) announced that it
has completed the restatement of its annual financial statements
for the years ended December 31, 2003 and December 31, 2002, as
well as its unaudited financial statements for 2004, and has filed
with the Securities and Exchange Commission ("SEC") its annual
report on Form 10-KSB for the year ended December 31, 2004. As
described in greater detail in previous filings and the Form
10-KSB, the restatement was required to correct certain accounting
errors discovered in Heritage's financial statements for prior
periods. With the restatement process concluded, Heritage can now
turn its full attention to the remaining delayed SEC filings that
were dependent upon the completion of the restatement, including
its Form 10-KSB for the fiscal year ended December 31, 2005 and its
Form 10-QSB for the first quarter of 2006. Heritage's financial
statements have been corrected through December 31, 2004 and,
accordingly, the affected accounts can now be updated in order to
finalize the 2005 financial statements and numerous related tables
to be included in the 2005 Form 10-KSB. Heritage is currently
working on these other filings and expects to file its Form 10-KSB
for 2005 within the next several months, subsequent to the
completion of the 2005 audit by its independent accountants.
Michael S. Ives, President & CEO of Heritage, remarked that
"This is a significant milestone for Heritage and the review
process we undertook over a year ago. We are pleased to have the
restatement behind us, and we look forward to completing our
remaining filings to become current with SEC requirements and
continuing to grow Heritage's business. We extend our extreme
gratitude to all of the Heritage employees and special consultants
who worked tirelessly to complete the restatement." The details for
the adjustments required in connection with the restatement are
included, and discussed in depth, in Heritage's annual report on
Form 10-KSB for 2004, which can be accessed via the "View Our SEC
Filings" link on Heritage's web site at
http://www.heritagebankva.com/. About Heritage Heritage is the
parent company of Heritage Bank. Heritage Bank has four
full-service branches in the City of Norfolk and one full-service
branch in the City of Virginia Beach. Heritage Bank provides a full
range of financial services including business, personal and
mortgage loans, insurance, and annuities. Forward Looking
Statements The press release contains statements that constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Heritage's actual
results, performance, achievements, and business strategy to differ
materially from those anticipated. Forward looking statements often
contain a word such as "expect," believe," "estimate" or
"anticipate." Factors that could cause such actual results,
performance, achievements and business strategy to differ
materially from those anticipated include: discovery of further
accounting errors, general and local economic conditions,
competition, capital requirements of the bank's announced expansion
plans, customer demand for Heritage's banking products and
services, and the risks and uncertainties described in Heritage's
Form 10-KSB filed with the Securities and Exchange Commission.
Heritage disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: Heritage
Bankshares, Inc. CONTACT: John O. Guthrie of Heritage Bankshares,
Inc., +1-757-523-2600 Web site: http://www.heritagebankva.com/
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