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GOLDEN, Colo., July 02, 2024 (GLOBE NEWSWIRE) -- Truleum, Inc. (Pink OTC Markets: TRLM), is pleased to provide an important update to its shareholders regarding recent developments concerning the Company's auditor and the status of its S-1 registration statement.
On May 3, 2024, BF Borgers CPA PC ("Borgers"), the Company's former auditor, was the subject of an SEC Enforcement action. The action resulted in Borgers being prohibited from practicing as an accountant/auditor before the SEC. It is important to note that this enforcement action does not affect the Company's prior public filings, where Borgers provided audits and opinions. However, this development has impacted the Company's first quarter 2024 financials and its pending S-1 registration statement.
In response to these events, Truleum, Inc. has taken swift action to terminate its relationship with BF Borgers CPA PC as the Company's auditing firm and demanded the return of its audit files. To ensure the integrity and continuity of its financial reporting, the Company has engaged Barton CPA, a reputable auditing firm, to provide an audit letter for the first quarter of 2024 and to re-audit the prior two years of financials. The Company is confident that Barton CPA’s expertise and thorough approach will help us navigate this transition smoothly.
Truleum, Inc. anticipates that the current S-1 registration statement will be amended once Barton CPA has completed the re-audit of the previous two years' financials. The Company remains committed to transparency and compliance throughout this process and is working diligently to address these requirements in a timely manner.
Additionally, the Company obtained a copy of Borgers' third-party independent audit of their audit procedures. At this time, we do not have any indication that the SEC's allegations against Borgers involved Truleum's financials. Nevertheless, the Company is taking all necessary steps to ensure that its financial statements meet the highest standards of accuracy and compliance.
"We are please to engage Barton CPA to complete the audit work previously handled by BF Borgers. Given the SEC's recent enforcement action against BF Borgers, it was highly unlikely that the SEC would declare effective our S-1 registration statement." Jay Leaver, President
Truleum, Inc. continues to maintain its focus on obtaining an effective registration statement followed by an uplist onto the NYSE: American Stock Exchange and advancing the Company’s business plan. The Company remains dedicated to delivering value to its shareholders and achieving its strategic objectives.