Audit Update

Narf Industries PLC

26 April 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

26 April 2023

NARF INDUSTRIES PLC

AUDIT DELAY

Narf Industries plc ("Narf", the "Company", or the "Group"), (LSE: 'NARF')(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security announces that while trading remains in line with the Board's expectations, there will be a delay to the publication of the Group's audited results for the year ended 31 December 2022 ("FY22"). Further details are outlined below.

Delay and Suspension

The Company is currently working to address the Group Auditor's, PKF Littlejohn LLP, recent request for additional evidence regarding invoices and the timing of revenue recognition that involve very sensitive and confidential United States Government ("USG") contracts and their associated milestones, which has resulted in the delay in completing the Group audit.

Because of these sensitivities, the Group will not meet the 30 April 2023 deadline required by the Financial Conduct Authority's ("FCA") Disclosure Guidance and Transparency Rules to publish their annual financial statements.  As a result, the Group expects that it will request in due course for the listing of the Company's shares to be temporarily suspended with effect from 7.30 a.m. on 2 May 2023.  The Company will request a restoration of the listing of its shares on publication of its FY22 audited results.

Steve Bassi, CEO: "These contracts go back many years and payment has always been secured against milestones achieved and invoices then raised. The matter at hand relates to the confirmation to be provided by the USG for the period in which revenue from these contracts should be recognised. This is not expected to change the cumulative revenue of 2022 and 2023 for the Group in the Operations Update provided on 29 September 2022."

ENDS

For further information on the Group please visit www.narfgroup.com or contact:

John Herring	NARF	[e-mail]
Catherine Leftley/Paul Dulieu /Isabel de Salis	St Brides Partners	[e-mail]
Peter Krens	Tennyson Securities	Tel: [phone]

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group specialising in high-end threat intelligence with a focus on critical infrastructure. The Group leads commissioned cyber security R&D and is commercialising a portfolio of products including TIGR that can be used by utilities and cyber first responders to restore power to electric grids and protecting other key infrastructure that have suffered a cyber-attack. The Group aims to further strengthen its portfolio organically and via acquisition; its team of highly qualified cyber security experts is well placed to identify opportunities.

Important notice

The content of this announcement has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (FSMA). This announcement has been issued by and is the sole responsibility of the Company. The information in this announcement is subject to change. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, the Republic of South Africa, Japan or any jurisdiction where to do so might constitute a violation of local securities laws or regulations (a Prohibited Jurisdiction). This announcement and the information contained herein are not for release, publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction.

 

END