REG - Narf Industries PLC - Audit Update

Narf IndustriesAnnouncement

26/04/2023 07:00

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RNS Number : 4550X  Narf Industries PLC  26 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

26 April 2023

 

NARF INDUSTRIES PLC

 

AUDIT DELAY

 

Narf Industries plc ("Narf", the "Company", or the "Group"), (LSE:
'NARF')(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat
intelligence and critical infrastructure security announces that while trading
remains in line with the Board's expectations, there will be a delay to the
publication of the Group's audited results for the year ended 31 December 2022
("FY22"). Further details are outlined below.

 

Delay and Suspension

The Company is currently working to address the Group Auditor's, PKF
Littlejohn LLP, recent request for additional evidence regarding invoices and
the timing of revenue recognition that involve very sensitive and confidential
United States Government ("USG") contracts and their associated milestones,
which has resulted in the delay in completing the Group audit.

Because of these sensitivities, the Group will not meet the 30 April 2023
deadline required by the Financial Conduct Authority's ("FCA") Disclosure
Guidance and Transparency Rules to publish their annual financial
statements.  As a result, the Group expects that it will request in due
course for the listing of the Company's shares to be temporarily suspended
with effect from 7.30 a.m. on 2 May 2023.  The Company will request a
restoration of the listing of its shares on publication of its FY22 audited
results.

Steve Bassi, CEO: "These contracts go back many years and payment has always
been secured against milestones achieved and invoices then raised. The matter
at hand relates to the confirmation to be provided by the USG for the period
in which revenue from these contracts should be recognised. This is not
expected to change the cumulative revenue of 2022 and 2023 for the Group in
the Operations Update provided on 29 September 2022."

 

 

 

 

 

ENDS

For further information on the Group please visit www.narfgroup.com
(http://www.narfgroup.com) or contact:

 John Herring                                    NARF                 jh@narfgroup.com
 Catherine Leftley/Paul Dulieu /Isabel de Salis  St Brides Partners   narf@stbridespartners.co.uk
 Peter Krens                                     Tennyson Securities  Tel: +44 (0)207 186 9030

 

 

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group
specialising in high-end threat intelligence with a focus on critical
infrastructure. The Group leads commissioned cyber security R&D and is
commercialising a portfolio of products including TIGR that can be used by
utilities and cyber first responders to restore power to electric grids and
protecting other key infrastructure that have suffered a cyber-attack. The
Group aims to further strengthen its portfolio organically and via
acquisition; its team of highly qualified cyber security experts is well
placed to identify opportunities.

 

 

Important notice

The content of this announcement has not been approved by an authorised person
within the meaning of the Financial Services and Markets Act 2000 (FSMA). This
announcement has been issued by and is the sole responsibility of the Company.
The information in this announcement is subject to change. This announcement
is not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the Securities Act), and may not be
offered or sold, directly or indirectly, in or into the United States, except
pursuant to an applicable exemption from registration. No public offering of
securities is being made in the United States. This announcement is not for
release, publication or distribution, directly or indirectly, in or into the
United States, Australia, Canada, the Republic of South Africa, Japan or any
jurisdiction where to do so might constitute a violation of local securities
laws or regulations (a Prohibited Jurisdiction). This announcement and the
information contained herein are not for release, publication or distribution,
directly or indirectly, to persons in a Prohibited Jurisdiction unless
permitted pursuant to an exemption under the relevant local law or regulation
in any such jurisdiction.

 

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