KIT digital to Change Auditors and Announces Delisting From

KIT digital to Change Auditors and Announces Delisting From NASDAQ 
NEW YORK, NY -- (Marketwire) -- 12/18/12 --   KIT digital, Inc.
(NASDAQ: KITD), a leading video management software and services
company, announced today that it has dismissed Grant Thornton LLP as
the Company's independent auditor. 
The Company is in the process of engaging a new audit firm and
anticipates an announcement about the appointment of a new auditor in
the near future. 
As previously disclosed, KIT digital is undertaking a restatement of
the Company's historical financial statements for the years ended
December 31, 2009, 2010 and 2011, each of the three quarters in 2009,
2010 and 2011, and each of the quarters ended March 31, 2012 and June
30, 2012. The restatement, once completed, will be subject to audit
by the Company's independent public accounting firm.  
Additionally, the Company announced today that its common stock would
be delisted from The NASDAQ Stock Market effective at the opening of
business on December 21, 2012. Trading of the Company's common stock
is currently subject to a trading halt, which the Company does not
expect to be lifted prior to the delisting of the common stock. The
delisting is precipitated by the Company's determination not to pay
certain fees based on its current circumstances and outlook, which
include: (1) the previously disclosed listing violation for its
failure to timely file its third quarter Form 10-Q, (2) likely
delisting in early 2013 due to failure to hold a 2012 annual meeting,
and (3) the possible failure to become compliant in SEC reporting in
sufficient time to avoid delisting. The Company does not intend to
request an appeal hearing regarding NASDAQ's delisting determination. 
The Company currently intends to submit an application in order for
the Company's common stock to be listed on the OTC Pink Sheets/OTC
Pink Marketplace, including submission of a Financial Industry
Regulatory Authority ("FINRA") Form 211. The Company's common stock
would begin trading on the OTC Pink Sheets/OTC Pink Marketplace
following approval by FINRA's OTC Compliance Unit of the Company's
Form 211 and at least one market maker deciding to quote the
Company's common stock. The OTC Pink Sheets/OTC Pink Marketplace is a
market tier
 operated by the OTC Market Group Inc. for
over-the-counter traded companies. The delisting and transition to
the OTC Pink Sheets/OTC Pink Marketplace does not change the
Company's obligations to file periodic and other periodic reports
with the SEC under applicable federal securities laws. There is no
assurance that the OTC Compliance Unit will approve the Company's
Form 211 in view of the pending restatement of the Company's
financial statements or that any market maker will decide to quote
the Company's common stock following delisting by NASDAQ or at all,
and thus there is no assurance that the Company's common stock will
become eligible to trade on the OTC Pink Sheets/OTC Pink Marketplace. 
Important Caution Regarding Forward-Looking Statements  
This release contains certain "forward-looking statements." These
statements can be identified by the use of words or phrases such as
"believes," "estimates," "expects," "intends," "anticipates,"
"projects," "plans" and variations of these words or similar words.
Important risks, uncertainties and other important factors that could
cause actual results to differ materially include, among others, the
risk that additional information may become available in preparing
and auditing the financial statements that would require the Company
to make additional corrections, the time and effort required to
complete the restatement of the financial statements, the
ramifications of the Company's inability to timely file periodic and
other reports with the SEC, including the risk that the Company's
common stock will not be eligible to trade on the OTC Pink Sheets/OTC
Pink Marketplace or that the Company determines not to seek to make
the shares of common stock eligible to trade on the OTC Pink
Sheets/OTC Pink Marketplace, the risk of engaging a new audit firm
and the terms thereof, and the risk of litigation or governmental
investigations or proceedings relating to these matters. Certain
risks and uncertainties related to the Company's business are or will
be described in greater detail in the Company's filings with the SEC.
Except as required by applicable law, the Company is not under
obligation to (and expressly disclaims any such obligation to) update
its forward-looking statements whether as a result of new
information, future events or otherwise.  
About KIT digital, Inc. 
KIT digital (NASDAQ: KITD) is a leading video management software and
services company. Cosmos and Cloud, the company's video asset
management systems, enable leading broadband media companies to
produce, manage and deliver multiscreen socially-enabled video
experiences to audiences wherever they are. KIT digital services
nearly 2,500 clients in 50+ countries including some of the world's
biggest brands, such as Airbus, The Associated Press, AT&T, BBC,
BSkyB, Disney-ABC, Google, HP, Mediaset, MTV, News Corp, RCS Media
Group, Sky Deutschland, Sky Italia, Telecom Argentina, Telecom
Italia, Telefonica O2, Universal Studios, Verizon, Vodafone, VRT and
Volkswagen. KIT digital maintains headquarters in New York City and
offices in more than a dozen countries around the world. Visit the
company at www.kitd.com or follow on Twitter at
www.twitter.com/KITdigital.  
KIT digital Media Contact: 
Werbayne McIntyre 
Director, Marketing
Tel. +44 1904 438000 
Mob +44 7590 554 845  
KIT digital Investor Contact:
Murray Arenson
Managing Director, Financial Strategy
Tel. +1-646-553-4900 
 
 
Press spacebar to pause and continue. Press esc to stop.