BMB Munai, Inc. Confirms Going Concern Qualification
ALMATY, Kazakhstan, July 28, 2011 /PRNewswire/ -- BMB Munai, Inc. (NYSE Amex: KAZ) (the "Company") confirms that the audit opinion of the Company's independent registered public accounting firm included in the Annual Report of the Company on Form 10-K for the year ended March 31, 2011, which was filed on June 29, 2011 (the "Annual Report on Form 10-K"), contained a going concern qualification. The going concern qualification was required as a result of the previously announced pending sale of Emir Oil LLP, which has been approved by the Company's shareholders and which was deemed probable as of the date of the audit opinion. Following completion of the sale of Emir Oil LLP and planned cash distributions to Company shareholders, the Company will have no continuing operations that result in positive cash flow, which raises substantial doubt about the Company's ability to continue as a going concern.
This announcement is required by Section 610(b) of the NYSE Amex Company Guide, which requires a listed company that receives an audit opinion containing a going concern qualification to publicly announce such through the news media. This announcement and press release do not represent any change or amendment to the Company's Annual Report on Form 10-K.
The Company does not believe the going concern opinion or the information contained in this press release will have any impact on the pending sale of Emir Oil LLP.
About the CompanyBMB Munai, Inc. is an independent oil and gas company engaged in the exploration and test production of crude oil and natural gas in Western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan. Cautionary Note Regarding Forward-Looking Statements This release contains "forward-looking" statements regarding the Company's proposed sale of Emir Oil LLP, the closing of the transaction, distributions to shareholders and the timing thereof. All such forward-looking statements are subject to uncertainty and changes in circumstances, and there is no assurance the sale transaction will be consummated. Moreover, no forward-looking statements are guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include the failure of any one or more of the closing conditions to the sale transaction, termination of the definitive purchase agreement, and other economic, business and regulatory risks and factors identified in the Company's periodic reports filed with the SEC. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. NYSE Amex has neither approved nor disapproved of the contents of this press release.
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