Aspen Technology Announces Appointment of New Independent Registered Public Accounting Firm
BURLINGTON, Mass.--(BUSINESS WIRE)--March 13, 2008--Aspen Technology, Inc. (AZPN), a leading provider of software and services to the process industries, today announced that its Audit Committee appointed KPMG LLP ("KPMG") to serve as the Company's independent registered public accounting firm for the current fiscal year ending June 30, 2008, and has filed a Form 8-K today with the SEC to this effect.
AspenTech's incumbent independent accounting firm, Deloitte & Touche, LLP ("Deloitte"), is engaged to complete the audit of the Company's consolidated financial statements as of June 30, 2006 and 2007 and for each of the three years in the period ending June 30, 2007. In addition, Deloitte has agreed to be engaged for the review of the Company's interim consolidated financial statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.
Brad Miller, chief financial officer of AspenTech, said, "We are pleased with the level of interest AspenTech received during our interview process, and even more so by the fact that we were able to engage KPMG, with their significant experience working with global software companies." Miller added, "We have begun the transition process from Deloitte to KPMG, and are highly focused on bringing our financial statements current and applying for relisting on a major US stock exchange, all of which are top priorities for the Company."
AspenTech is a leading provider of award-winning process optimization software and services. AspenTech's integrated aspenONE(TM) solutions enable manufacturers to reduce costs, increase capacity, and optimize operational performance end-to-end throughout the engineering, plant operations, and supply chain management processes, resulting in millions of dollars in cost savings. For more information, visit www.aspentech.com.
(C) 2008 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.
Forward Looking Statements
This press release may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including, without limitation: AspenTech's plan to improve operational performance may not be implemented effectively; AspenTech has identified material weaknesses in its internal controls with respect to software license revenue recognition and other matters, that, if not remedied effectively, could result in material misstatements; risks around securities litigation and investigations; AspenTech's lengthy sales cycle makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; the possibility of new accounting standards or the interpretation of existing accounting standards affecting our financial results; AspenTech's ability to raise additional capital as required; intense competition; AspenTech's need to develop and market products successfully; reliance on relationships with strategic partners; challenges associated with international operations; risks associated with AspenTech's delisting from The Nasdaq Stock Exchange and the trading of AspenTech's common stock over the counter; and other risk factors described from time to time in AspenTech's periodic reports filed with the Securities and Exchange Commission.
AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.
CONTACT: Media: AspenTech David Grip, 781-221-5273 firstname.lastname@example.org or Investors: ICR Kori Doherty, 617-956-6730 email@example.com SOURCE: Aspen Technology, Inc.