Rachlin Cohen & Holtz to Replace Deloitte & Touche
SUNRISE, Fla., Sept. 2 /PRNewswire-FirstCall/ -- Odimo Incorporated
(Nasdaq: ODMO) today announced that Rachlin Cohen & Holtz, LLP, one of the
largest independent accounting firms in the Southeast and the largest
independent accounting firm in South Florida ("Rachlin") has been selected to
replace Deloitte & Touche LLP ("Deloitte") as Odimo's independent auditors,
effective September 2, 2005. On August 31, 2005, Deloitte notified the
management of Odimo and the Audit Committee that it had decided to resign as
Odimo's independent auditors.
In connection with Deloitte's audits and any subsequent interim period
through the date of Deloitte's resignation, there were no disagreements
between Deloitte and Odimo on any matter of accounting principles or practice,
financial statement disclosure or auditing scope or procedure or any other
reportable events requiring disclosure in accordance with Item 304 of
Regulation S-K. A copy of a letter from Deloitte agreeing with this is filed
as an exhibit to Odimo's Current Report on Form 8-K filed with the SEC on
September 2, 2005.
"We appreciate Deloitte's years of service to Odimo, especially the
valuable assistance they provided during our initial public offering," said
Alan Lipton, Odimo's President and Chief Executive Officer. "Like many other
small companies, it makes sense for us to retain Rachlin, a large South
Florida-based audit firm with a structure and capability that's better suited
for a public company of our size."
About Odimo
Odimo is an online retailer of current season high quality diamonds, fine
jewelry, brand name watches and luxury goods. Odimo operates three websites,
http://www.diamond.com , http://www.ashford.com and
http://www.worldofwatches.com , and seeks to create long-term relationships
with its customers by offering a broad selection of appealing merchandise.
Odimo's websites collectively showcase over 2,000 watch styles; a large
assortment of luxury goods, such as designer handbags and fashion accessories,
fragrances and sunglasses; more than 25,000 independently certified diamonds;
and a wide range of precious and semi-precious jewelry. Odimo sells brand
name goods at discounts to suggested retail prices, and diamonds and fine
jewelry at competitive prices. Odimo features many of the branded items
available in leading department and specialty stores, as well as diamonds
certified by the Gemological Institute of America (GIA). Odimo is
headquartered in Sunrise, Florida.
Forward-Looking Statements
All statements made in this release, other than statements of historical
fact, are or will be forward-looking statements. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan," "will," "would,"
"should," "guidance," "potential," "continue," "project," "forecast,"
"confident," "prospects," and similar expressions typically are used to
identify forward-looking statements. Forward-looking statements are based on
the then-current expectations, beliefs, assumptions, estimates and forecasts
about the business of Odimo and the industries and markets in which Odimo
operates. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions, which are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is
expressed or implied by these forward-looking statements. Factors which may
affect Odimo's business, financial condition and operating results include the
effects of changes in the economy, consumer spending, the financial markets,
changes affecting the Internet and e-commerce, the ability of Odimo to develop
and maintain relationships with suppliers, the ability of Odimo to timely and
successfully develop, maintain and protect its technology, confidential
information and product offerings and execute operationally and the ability of
Odimo to attract and retain qualified personnel. More information about
potential factors that could affect Odimo can be found in its reports and
statements filed by Odimo with the SEC. Odimo expressly disclaims any intent
or obligation to update these forward-looking statements, except as otherwise
specifically stated by Odimo.
SOURCE Odimo Incorporated
CONTACT:
Amerisa Kornblum, Chief Financial Officer, Odimo,
1-954-835-2233, ext. 1207,
or Investors, Allison Malkin or David Griffith,
Integrated Corporate Relations, 1-203-682-8225, or 1-203-682-8213,
for Odimo
Incorporated
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