Pteris auditor flags going-concern issues amid bid to oust directors

THE auditor for airport logistics services company Pteris Global has flagged "significant doubt" over the firm's ability to continue as a going concern.

This comes as a major shareholder and director tries to oust the chairman and other directors from the board, and calls for a review of the terms of a proposed reverse takeover (RTO).

Pteris Global's net losses of $29.7 million exceed its net current assets at Dec 31, 2003, of $6.63 million, KPMG noted in an "emphasis of matter". "The company's remaining equity may not be sufficient to support its day-to-day operations."