SILVER SPRING, Md. - (Business Wire) WORLDSPACE Satellite Radio, one of the world leaders in satellite-based digital radio services, today announced that its independent registered public accounting firm, Grant Thornton LLP, has included an explanatory paragraph in their audit opinion for the fiscal year ended December 31, 2007, and included in the Company’s Annual Report on Form 10-K filed on March 31, 2008, that expresses doubt about the Company’s ability to continue as a going concern based on its current financial resources. The Company acknowledges it needs to raise additional capital this year.
As of December 31, 2007, the Company had cash and cash equivalents and short term investments of approximately $3.6 million. The going concern qualification is based upon the Company’s current financial resources. The Company confirms its need to secure additional capital to fund operations before the end of the second quarter of 2008.
This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification.