RIM Provides Status Update
Waterloo, Ontario - Research In Motion Limited (“RIM” or the “Company”) (Nasdaq: RIMM; TSX: RIM) today provides this status update pursuant to the alternative information guidelines of the Ontario Securities Commission (the “OSC”). These guidelines contemplate that the Company will normally provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws.
As previously disclosed, the review of stock option granting practices by the Special Committee of RIM’s Board of Directors is now complete. The Company had originally anticipated updating its filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission (the “SEC”) prior to its fiscal year end of March 3, 2007. Despite best efforts, the Company determined that additional time was required for the Company and its advisors to prepare the updated filings and for the independent auditors to complete their review of those filings. The Special Committee and its advisors, together with the Company and the Company’s external auditors, have substantially completed the work required in order for RIM to restate its previously filed financial statements and to file its interim financial statements for the second and third quarters of fiscal 2007. As a result, RIM expects to soon be in a position to file those statements.
It is the Company’s belief that the impact of any restatement on U.S. GAAP and preliminary operating results for fiscal 2007 will be immaterial. The Company has determined that the accounting impact on RIM’s most recently filed Canadian GAAP statements do not result in a material adjustment and therefore the Company does not intend to restate the previously filed Canadian GAAP financial statements.
The Company has had communications about its internal review with the staff of the OSC, the SEC and the office of the United States Attorney for the Southern District of New York and the Company intends to continue cooperating.
There is no other material information concerning the affairs of the Company at this time that has not been generally disclosed.
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