LOS ANGELES, Nov. 23, 2010 (GLOBE NEWSWIRE) -- CyberDefender Corporation (Nasdaq:CYDE) (the "Company"), a provider of Internet security software, utilities and remote technical support services that work together to maximize online safety for consumers, today announced that it plans to file an amended annual report on form 10-K/A for the period ended December 31, 2009 and amended quarterly reports on form 10-Q/A for the quarterly periods of 2009 and the periods ended March 31, 2010 and June 30, 2010 with the United States Securities and Exchange Commission. The reports are being amended for the purpose of disclosing adjustments made to the Company's financial statements, as discussed below. As a result of its decision to restate the Company's financial statements and amend the reports, the Company is unable to file its Form 10-Q for the quarter ended September 30, 2010 until the foregoing amendments and restatements are filed.
These restatements and reclassifications were non-cash and had no impact on CyberDefender's gross sales, GAAP revenue, cash position or gross profit for any of the abovementioned periods, and the Company does not expect these items to have any material impact on its operating results going forward.
The purpose of the restatements will be to reclassify outstanding warrants issued pursuant to the Company's Media and Marketing Services agreement with GR Match, LLC as an operating expense rather than as an interest expense, to revalue these warrants as of their respective vesting dates, rather than their grant dates, using the Black Scholes Option Pricing Model; to revalue certain warrants issued to various consultants during the periods affected; and to recognize advertising expenses as incurred rather than capitalizing and amortizing these expenses against revenue for a period of 12 months.
The Company has filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, which provides additional information on the revaluation and reclassification, including pro-forma unaudited amended Consolidated Balance Sheets and Statements of Operations for the periods that will be restated. This filing is available at the SEC website at or the SEC Filings section of CyberDefender's corporate website at .
CyberDefender Corporation (Nasdaq:CYDE) is a provider of Internet security software, utilities and remote technical support services that work together to ensure maximum safety for consumers in a digital world. The company develops and markets antispyware/antivirus software and a remote, live technical support service. In addition, CyberDefender offers identity protection and computer optimization services. With millions of active users on its cloud based Collaborative Internet Security Network, CyberDefender leverages the power of community to protect its customers from the rapidly growing number of new online threats every year. CyberDefender products are fully compatible with Microsoft's XP, Vista, and 7 Operating systems. All products are available at . IR Site: .
Forward Looking Statements
Statements in this public announcement that are not statements of historical or current fact, including any statement regarding future growth and profitability, and future revenue targets, constitute "forward-looking statements" under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause CyberDefender's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Factors that could cause CyberDefender's results to be materially different from the forward-looking statements include whether CyberDefender will be able to find financing as required and whether CyberDefender's revenues eventually will exceed its expenses. The forward-looking statements also are subject generally to other risks and uncertainties that are described from time to time in CyberDefender's reports and registration statements filed with the Securities and Exchange Commission, which are available for review at www.sec.gov.
CONTACT: The Bohle Company Public Relations: Luis Levy (310) 785-0515 ext. 204 Luis@bohle.com The Piacente Group Investor Relations: Kristen McNally Lee Roth (212) 481-2050 IR@CyberDefender.com IR Site: www.CyberDefenderCorp.com