Motive, Inc. Updates Expected Date for the Completion of Restated Financial Statements
AUSTIN, Texas, Sept. 28, 2006 -
Motive, Inc., a leading provider of broadband management software, today announced that the completion of its restatement of its 2001-2005 financial statements would be further delayed.
On August 8, 2006, Motive announced that it was in the final stages of its efforts to complete the restatement of its 2001-2005 financial statements. At that time the company stated that it expected to announce the results of the restatement by September 30, 2006. Motive now expects to announce the results of the restatement, to file its annual report on Form 10-K for the year ended December 31, 2005, and file all of its delinquent quarterly reports, no later than November 30, 2006.
Alfred Mockett, CEO and Chairman stated, “As I have consistently said throughout this restatement process, we will leave no stone unturned in ensuring that we completely address past accounting issues, correct them and put them behind us. This complex and detailed process-- dating back to 2001-- has taken longer than anticipated to complete.”
Additionally, the review has raised the possibility that there may be adjustments related to the purchase accounting of the company’s acquisition of BroadJump in 2003. These accounting adjustments could impact revenue recognition associated with the acquisition and the company’s recently announced impairment charge. The resolution of these adjustments will have no effect on cash or liquid assets.
About Motive, Inc.
Motive, Inc. (OTC: MOTV) has pioneered a unique approach to designing management services into Internet-era networks, systems and applications. Motive’s software makes complex products and services self-managing, reducing overhead costs and optimizing customers’ return on investment. Companies worldwide have relied on Motive’s software to provide a range of problem remediation and configuration management tasks for more than 45 million endpoints. Founded in 1997, Motive is headquartered in AUSTIN, Texas, and has offices in Europe and Asia. For more information, visit www.motive.com.
Motive and the Motive logo are trademarks or registered trademarks of Motive, Inc. All other products or services mentioned herein are trademarks of their respective holders.
This press release contains forward-looking statements that involve risks and uncertainties relating to the benefits and expected usage of our products by the named customer. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, among other things: our ability and our customers ability to achieve broad adoption and acceptance of our products, the ability of our software to produce results for the customer's subscribers, and the compatibility of our software with hardware and software platforms that are used by our customers and their subscribers now or in the future. Additional information concerning these and other risk factors associated with our business can be found in our filings with the Securities and Exchange Commission, which are available at www.sec.gov. Statements included in this press release are based upon information known to us as of the date of this release, and we assume no obligation to update any information contained in this press release.
