Bethesda, March 28, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), acompany competing in the rapidly growing materials andinfrastructure industry in India and China, today announced thatthe Audit Committee of its board of directors approved theengagement of ASA and Associates as its independent registeredpublic accounting firm for the financial year ending March 31,2013. The committee, as a matter of good corporategovernance, determined that after five years with the same firm itwas appropriate to change to a different firm. Additionally, with operations expected to commence in InnerMongolia in the near term, the audit committee determined that itwas now appropriate to engage a larger accounting firm withsignificantly larger resources. ASA and Associates is apublic accounting firm registered with the PCAOB, and is based inIndia. They have 8 offices with around 420 in-house staff. Anumber of their clients are foreign corporations. The Companyexpects to present the appointment of ASA and Associates forratification by its shareholders at the 2013 Annual Meeting ofStockholders. About IGC: Based in Bethesda, Maryland, India Globalization Capital (IGC)is a materials and infrastructure company operating in India andChina. We currently supply Iron ore to Steel Companiesoperating in China. For more information about IGC,please visit IGC's Web site at www.indiaglobalcap.com. Forinformation about Ironman, please visit www.hfironman.net. Forward-looking Statements: Some of the statements contained in this press release that arenot historical facts constitute forward-looking statements underthe federal securities laws. Forward-looking statementscan be identified by the use of the words "may," "will," "should,""could," "expects," "post", "plans," "anticipates," "believes,""estimates," "predicts," "intends," "potential," "proposed,""confident" or "continue" or the negative of thoseterms. These statements are not a guarantee of futuredevelopments and are subject to risks, uncertainties and otherfactors, some of which are beyond IGC's control and are difficultto predict. Consequently, actual results may differmaterially from information contained in the forward-lookingstatements as a result of future changes or developments in ourbusiness, our competitive environment, infrastructure demands, Ironore availability and governmental, regulatory, political, economic,legal and social conditions in China and India.
The Company undertakes no obligation to publicly update anyforward-looking statements, whether as a result of new information,future events, or otherwise. Other factors and risks thatcould cause or contribute to actual results differing materiallyfrom such forward-looking statements have been discussed in greaterdetail in IGC's Schedule 14A, Form 10-K for FYE 2012, Form 10-Q forthe quarter ended September 30, 2012, Form S-3, and thePost-effective Amendment No. 1 on Form S-3 to Form S-1 filed withthe Securities and Exchange Commission on December 9, 2011, July16, 2012, November 14, 2012, December 14, 2012, and December 26,2012 respectively.
CONTACT: Contact Information Investor Relations Contact: Ms. Claudia Grimaldi 301-983-0998