ALBUQUERQUE, N.M., March 26, 2009 (GLOBE NEWSWIRE) -- AccessKey IP, Inc., (Pink Sheets:AKYI) the developer, designer and producer of advanced entertainment and communication devices, announced today that it has completed and released its audited financial statements for the years ending December 31, 2007 and 2008. The results of the statements reflect the growth of the company from a development stage enterprise, to that of a revenue-generating company. The audited financial statements will be available on Pinksheets.com and the company website at www.accesskeyip.com under the investors tab.
Bruce Palmer, AccessKey IP's President stated, "I am pleased to announce the company's most recent audited financial results for 2007 and 2008. Our net income in 2008 was $1.7M. This included consolidated gross revenues of $1.6M and income that was booked upon the elimination of derivative liabilities associated with convertible notes. Nearly all of our notes were restructured and no longer are convertible at the option of the note holders. These results are consolidated to include AccessKey IP and its wholly-owned subsidiary TeknoCreations."
Palmer further stated, "In order to comply with generally accepted accounting principles (GAAP), the revenue we expected to reflect from our Set Top Box joint venture development agreement was booked as a liability reflecting payments received of $1.4M less costs of $483.7K (net $916.3K). Once the project is completed, the net amount will be added to our revenues. In an effort to avoid any conflict between our unaudited and audited financials, the previously posted financials had been removed from Pink Sheets. These GAAP audited financials will now be posted and allow Pink Sheets to remove the "STOP" sign currently associated with our stock symbol.
Additionally, AccessKey IP is in the process of preparing its Form 10 Disclosure document to submit to the Securities and Exchange Commission. Once the Form 10 is approved by the SEC, the Company will complete its up listing to the OTC Bulletin Board, and fulfill its agenda of becoming a fully reporting company with total transparency for its shareholders.
About AccessKey IP, Inc.
AccessKey IP, Inc. is a developer of cutting-edge technologies and best-of-breed products tailored to address the market opportunities created by the explosive growth of digital communications, entertainment-related services and specific consumer electronics platforms. AccessKey IP's AccessKey(tm) products, powered by the Company's patented technology, provide complete access to the coveted "Triple Play" Set Top Box (voice, video and data) and "Quadruple Play" Set Top Box (voice, video, data and wireless) offerings of cable, telecom, satellite and broadband service providers. The Company's AccessKey Home(tm) and portable flash drive-sized AccessKey PC(tm) allow subscribers to "channel surf" streaming "HD Quality" television content (IPtv), navigate the internet, watch Video on Demand (VOD) offerings, play video or internet-based games, listen to music, make phone calls (VoIP), video conference, run a full array of computing applications, securely store data and more, all from a single device and service provider network. Its wholly owned subsidiary TeknoCreations was founded to participate in the explosive growth of Consumer Electronics and Business security needs. TeknoCreations designs high quality products with attractive pricing to enhance the consumer's favorite electronics products and the expanding security needs of corporate America.
The AccessKey IP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4945
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of AccessKey IP, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Please visit the Company's websites www.accesskeyip.com, www.teknocreations.com