Insignia Systems, Inc. (NASDAQ:ISIG) today announced that the Audit Committee of the Board of Directors has selected Baker Tilly Virchow Krause, LLP to succeed Grant Thornton LLP, as the Company's independent registered public accounting firm, effective immediately. Effective June 3, 2011, Grant Thornton, LLP was required under the professional independence rules applicable to independent registered public accounting firms to resign as the Company’s independent registered public accounting firm upon the hiring of John C. Gonsior as the Company’s Chief Financial Officer. This was required because John was previously employed at Grant Thornton, LLP and had worked on the Company’s audit through the first quarter of 2010. Baker Tilly Virchow Krause, LLP is the nation's 16th largest certified public accounting and consulting firm according to Accounting Today’s “2011 Top 100 Firms.” The appointment of Baker Tilly Virchow Krause, LLP does not stem from any disagreement or dissatisfaction with Grant Thornton, LLP.
Scott Drill, the Company’s Chief Executive Officer, said, “It was unfortunate that because we decided to hire John Gonsior as our Chief Financial Officer, it was necessary for Grant Thornton to resign. We have received a number of outstanding recommendations concerning Baker Tilly. We are extremely pleased to have John as our CFO and Baker Tilly as our new auditor.”
Insignia Systems, Inc. is an innovative developer and marketer of in-store advertising products, programs and services to retailers and consumer goods manufacturers. Through its Point-Of-Purchase Services (POPS) business, Insignia provides at-shelf advertising products in over 13,000 chain retail supermarkets, over 1,800 mass merchants and over 6,000 dollar stores. Through the nationwide POPS network, over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Kraft, Nestlé, Ocean Spray, Reckitt Benckiser, Schwan’s Bakery and Tyson Foods, have taken their brand messages to the point-of-purchase. For additional information, contact (888) 474-7677, or visit the Insignia website at www.insigniasystems.com.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements. The Company’s actual results could differ materially from these forward-looking statements as a result of a number of factors, including risks and uncertainties as described in the Company’s SEC Form 10-K for the year ended December 31, 2010 and other recent filings with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.