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HONG KONG, Jan. 24, 2011 (GLOBE NEWSWIRE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced it has appointed Deloitte Touche Tohmatsu, Hong Kong, as the company's independent auditor, succeeding California-based AGCA, Inc.
Deloitte Touche Tohmatsu, Hong Kong, had been Highway Holdings' previous auditor since 1995 prior to the appointment of AGCA in 2009. AGCA resigned following the disassociation with its Hong Kong-based affiliated auditing firm.
"The re-appointment of Deloitte Touche offers a seamless transition and a well-respected professional organization to support the company's development at an exciting period in the company's history," said Roland Kohl, president and chief executive officer of Highway Holdings.
This decision was adopted by the audit committee and ratified by the board of directors of the company.
The company had no disagreements with AGCA, whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of AGCA, would have caused it to make reference to the subject matter of the disagreement in connection with its report. No report of AGCA on the financial statements of the company for past fiscal year contained an adverse opinion or disclaimer of opinion or was modified as to audit scope or accounting principles.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies. It also manufactures finished products, such as light fixtures, LED lights, radio chimes and other electronic products. Highway Holdings' manufacturing facilities are located in Shenzhen in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation the company's annual reports on Form 20-F.
CONTACT: Gary S. Maier
Maier & Company, Inc.