51.5 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

DPAC: Auditor Warns About Future

The auditor of Garden Grove’s DPAC Technologies Corp. has some doubts about the electronics maker’s viability.

DPAC said its forthcoming annual report includes a statement from its auditor about “going concern,” or its ability to keep the business going.

The statement was sparked by operating losses, negative cash flow and a need for more capital.

DPAC, which makes electronics for wireless networking, plans to combine with QuaTech Inc. of Ohio, pending shareholder approval.

The companies must raise about $5 million in financing to fund the deal.

“We believe the completion of the merger with QuaTech is the best means to address our need for additional capital, while gaining a broader revenue base and the continuation of our expansion into the growing machine to machine connectivity market,” said Kim Early, DPAC’s chief executive.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-