NEW YORK, Aug. 16, 2005 (PRIMEZONE) -- Avenue Group Inc (OTCBB:AVNU) announced today that its Board of Directors engaged Sherb & Co. LLP effective immediately, as the Company's independent certified public accountants to perform the Company's annual and financial control audits, including quarterly reviews. As previously reported, Weinberg & Co. resigned as the independent registered public accountants of the Company upon completion of its review for the quarter ended March 31, 2005. There were no disagreements with Weinberg & Co. for the fiscal years ended December 31, 2004 and 2003 or for the interim period subsequent to March 31, 2005 (collectively, the "Relevant Period"), on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Weinberg & Co., would have caused them to make reference thereto in their reports on the financial statements for such periods.
Commenting on the appointment, Levi Mochkin, AVNU's President and CEO, stated, "We are very pleased to be working with Sherb & Co. as our new independent auditing firm. We look forward to working closely with Sherb & Co. going forward."
About Avenue Group Inc: Avenue Group Inc. through its subsidiary Avenue Energy, Inc. engages in upstream oil and gas exploration and development. Together with the Sayer Group and JKX Oil & Gas (LSE:JKX), it holds a 10.5% participating interest in the Karakalise leases located in the Diyarbakir Petroleum District of southeast Turkey. The Karakalise Nr.1 has been producing high grade light crude oil since September, 2003. Avenue also holds a 50% interest in the North Rubai license and the Gercus license both of which are located close to the tri-nation boundary of Turkey, Iraq and Syria and believed to be extensions of the Arabian Basin.
This release may contain forward-looking statements that are based on the current expectations and estimates by our management. These forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Forward-looking statements in this release include statements regarding Avenue Group's expectations with respect to its new relationship with Sherb & Co. LLP. These statements speak only as of the date hereof, are based upon the information available to us now, are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of a number of factors including, but not limited to, the assessment of the Company's independent registered public accountants regarding the Company's financial condition. Such information is subject to change, and we undertake no obligation to update such statements.