MEDINA, Ohio, September 9, 2005 - Corrpro Companies, Inc. (Pink Sheets: CRRP), announced today that its Audit Committee has decided to change the Company's outside auditors. Grant Thornton LLP has been chosen to be Corrpro's new independent audit firm commencing with Corrpro's fiscal year ending March 31, 2006.
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in 110 countries, including 49 offices in the United States, Grant Thornton serves public and private clients around the globe.
"Grant Thornton has been recognized for its high performance standards among audit firms serving companies with less than $1 billion in revenues," commented Robert M. Mayer, Corrpro's Senior Vice President and Chief Financial Officer. "We look forward to a smooth transition."
The decision to change auditors was not the result of any disagreement between the Company and KPMG LLP, the Company's outside audit firm since 1997, on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
Corrpro, headquartered in Medina, Ohio, with over 30 offices worldwide, is the leading provider of corrosion control engineering services, systems and equipment to the infrastructure, environmental and energy markets around the world. Corrpro is the leading provider of cathodic protection systems and engineering services, as well as corrosion protection services relating to coatings, pipeline integrity and reinforced concrete structures.
Except for historical information, the matters discussed in this press release are forwardlooking
statements relating to the business of the Company. The forward-looking
statements are made under the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates", "will" or variations of such words and similar
expressions are intended to identify such forward-looking statements. The Company
believes that the following factors, among others, could affect its future performance and
cause its actual results to differ materially from those that are expressed or implied by
forward-looking statements, or diminish the liquidity of its Common Shares: the
performance of, and transition to, our new independent audit firm, actual financial
results of the Company; failure to have at least one market maker continue to make a
market in the Company's Common Shares on the Pink Sheets following its delisting;
becoming subject to the Securities Exchange Act of 1934 in the future; the actual amount
of cost savings and other benefits from being a non-reporting company; fluctuations in
foreign currency exchange rates; the impact of mark-to-market accounting treatment of
outstanding warrants; compliance with an SEC injunction related to accounting
irregularities; the Company's mix of products and services; the timing of projects; the
availability and value of larger projects; qualification requirements and termination
provisions relating to government projects; the impact of inclement weather on the
Company's operations; the impact of energy prices on the Company's and its customers'
businesses; adverse developments in pending litigation or regulatory matters; the impact
of existing, new or changed regulatory initiatives; the impact of one entity holding a
majority of the voting power of the Company; and the impact of changing global political
and economic conditions. Further information concerning factors that may affect the
Company's business and performance are set forth in the Company's filings with the
Securities and Exchange Commission. The Company assumes no obligation to update
any of the information contained or referenced in this press release.
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