ST. PETERSBURG, Fla.-Precision Systems Inc.’s auditors, Coopers & Lybrand L.L.P., expressed concern about the company’s ability to continue, citing recurring losses from operations and cash-flow problems, said the company.
Precision Systems said it has taken steps to improve its cash flows and cash positioning, including appointing a special committee of the board of directors. The company also hired William Blair & Co. L.L.C. to advise it in developing and evaluating strategic initiatives, including transactions that could change control of the company.
In addition, the company said it recently implemented a restructuring plan to reduce operating expenses, and it will analyze opportunities to sell noncore assets including real estate.