Tecnoglass Files 2015 Form 10-K, Quarterly Reports and Announces Enhancements to Financial Operations
June 03, 2016 at 06:13 AM EDT
Tecnoglass, Inc. (NASDAQ:TGLS) ("Tecnoglass" or the "Company"), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, announced it has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, along with amended financial statements for all annual and quarterly periods since the fiscal fourth quarter and full year ended December 31, 2013. The restatements of previously-filed financial statements were made to revise the accounting methodology for certain non-cash items that had no impact on the Company's Cash Flow from Operating Activities in any prior period. Upon filing of all these aforementioned documents, the Company is now in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing, ahead of the June 17, 2016 deadline stipulated by NASDAQ.
The Company is committed to further strengthening its financial operations and has hired Deloitte & Touche Ltda. as its external consultant for US GAAP accounting, SEC reporting, SOX compliance implementation and other accounting and SEC related matters, effective immediately. Furthermore, the Company continues to expand its finance team with the addition of seasoned professionals with US GAAP accounting and SEC reporting expertise.
José M. Daes, Chief Executive Officer of Tecnoglass, commented, “We are extremely pleased to complete the review of our financial statements that resulted in no impact to our operating cash flows. The hard work and collaboration amongst our strengthened finance team and our current and predecessor independent registered public accounting firms produced this positive outcome.”
The Company has expanded the role of Deputy Chief Financial Officer, Santiago Giraldo, with his appointment as Head of Investor Relations. Mr. Giraldo joined Tecnoglass in February 2016 as a senior member of the Company’s finance operation and in April 2016 assumed the position of Deputy Chief Financial Officer. Mr. Giraldo was formerly Chief Financial Officer and Head of Business Development and Strategy at Ocensa, a subsidiary within the Ecopetrol S.A. (NYSE:EC), Colombia’s largest publicly traded company, listed in both the New York Stock Exchange and the Colombian Stock Exchange. Prior to Ocensa, Mr. Giraldo spent four years as a Vice-President within the Corporate Bank group in Citibank Colombia and prior to that, 10 years in the United States, working with JPMorgan Chase and Wells Fargo within their Corporate Bank Units. Mr. Giraldo has considerable experience in capital markets, bank debt, derivatives, treasury, M&A, and equity related transactions. Mr. Giraldo succeeded Sergio Barake as Deputy Chief Financial Officer, who resigned to pursue other business interests in the second quarter 2016.
José M. Daes stated, “Santiago’s professional experience and financial acumen are highly aligned with the direction of Tecnoglass. Combined with the addition of Deloitte and continued investments in our financial infrastructure, we are actively enhancing our ability to improve overall operations and generate value for shareholders as a U.S. listed publicly traded company.”
Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. Tecnoglass is the #1 architectural glass transformation company in Latin America and the second largest glass fabricator serving the United States. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.3 million square foot vertically-integrated, state-of-the-art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies more than 800 customers in North, Central and South America, with the United States accounting for approximately 60% of revenues in 2015. Tecnoglass' tailored, high-end products are found on some of the world’s most distinctive properties, including the El Dorado Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza (Panama), Trump Tower (Miami), and The Woodlands (Houston). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. Forward-looking statements include, among others, statements about the Company’s plans to restate its consolidated financial statements and amend prior SEC filings, the timing of such restatement, and the restatement’s effect on the Company’s prior consolidated financial statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on the Company’s current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement, including, among others, the timing and nature of the final resolution of the accounting issues discussed in this press release; any further delay in the filing of required periodic reports with the SEC; whether a restatement of financial results will be required for other accounting issues for the same or other periods in addition to the restatement currently expected by management; additional uncertainties related to accounting issues generally; and adverse effects on the Company’s business as a result of the restatement process. In addition, please refer to the risk factors contained in the Company’s SEC filings. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.