Global | Change

Verifone Provides Update on Timing of Restatement Process

Verifone Holdings Inc. (NYSE: PAY) previously announced that it would restate its historical financial statements for the first three quarters of its fiscal year ended October 31, 2007. December 31, 2007 San Jose, CA

Verifone Holdings Inc. (NYSE: PAY) previously announced that it would restate its historical financial statements for the first three quarters of its fiscal year ended October 31, 2007. Since the original announcement, Verifone's audit committee has been working with independent counsel, Simpson Thacher & Bartlett LLP, and a forensic accounting team from Navigant Consulting, Inc., to investigate the events leading to the required restatement.


Verifone intends to complete the restatement and file amended quarterly reports on Form 10 Q, as well as its annual report on Form 10 K, as promptly as practicable following completion of the audit committee investigation and completion of the restatement and audit process. Although Verifone today filed a Form 12b-25 with the Securities and Exchange Commission that would extend the due date for its Annual Report on Form 10-K to January 14, 2008, it does not expect that it will complete this process and make the required filings prior to March 2008. Verifone cannot, however, be certain how much time will ultimately be required for it to complete the restatement process. Verifone does not expect to report further on the restatement process, other than possibly to provide updates as to the timing of the process, until the process is complete and its restated financial statements have been published.

CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements that involve risks and uncertainties. In some cases, forward-looking statements can be identified by words such as "anticipates," "expects," "believes," "plans," "predicts," and similar terms. Risks, uncertainties and assumptions that could affect Verifone's forward-looking statements include, among other things, completion of the restatements described above and completion of Verifone's financial statements as of, and for the fiscal year ended October 31, 2007. Other risks and uncertainties include, but are not limited to, those discussed under the heading "Risk Factors" in Verifone's Annual Report on Form 10-K for the year ended October 31, 2006 and subsequent Quarterly Reports on Form 10-Q. Unless required by law, Verifone expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.

About Verifone Holdings, Inc.
Verifone Holdings, Inc. ("Verifone") (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant