PriceSmart Announces Opening Schedule for Fourth
and
San Diego, CA, August 16, 2005 –
PriceSmart, Inc. (NASDAQ:PSMT) announced that the opening of its fourth
membership warehouse club in San Jose, Costa Rica, currently under
construction, is scheduled for mid-November, 2005.
The Company also stated that effective
as of
About PriceSmart
PriceSmart, headquartered
in
This press release may
contain forward-looking statements concerning the Company's anticipated future
revenues and earnings, adequacy of future cash flow and related matters. These
forward-looking statements include, but are not limited to, statements
containing the words "expect," "believe," "will,"
"may," "should," "project," "estimate,"
"scheduled," and like expressions, and the negative thereof. These
statements are subject to risks and uncertainties that could cause actual
results to differ materially, including the following risks: the Company had a
substantial net loss in fiscal 2004, a net loss in the first nine months of
2005, and may continue to incur losses in future periods; if the Company fails
to comply with covenants governing its indebtedness, the lenders may elect to
accelerate the Company’s indebtedness and foreclose on the collateral pledged
to secure the indebtedness; the Company’s financial performance is dependent on
international operations which exposes the Company to various risks; any
failure by the Company to manage its widely dispersed operations could
adversely affect the Company’s business; although the Company has taken and
continues to take steps to improve significantly its internal controls, there
may be material weaknesses or significant deficiencies that the Company has not
yet identified; the Company is currently defending litigation relating to its
financial restatement; the Company faces significant competition; the Company faces
difficulties in the shipment of, and inherent risks in the importation of,
merchandise to its warehouse clubs; the success of the Company’s business
requires effective assistance from local business people and, as a result, any
future disputes with local business people upon whom the Company depends could
adversely affect the Company’s business; the Company is exposed to weather and
other risks associated with international operations; declines in the economies
of the countries in which the Company operates its warehouse clubs would harm
its business; a few of the Company’s stockholders have control over the
Company's voting stock, which will make it difficult to complete some corporate
transactions without their support and may prevent a change in control; the
loss of key personnel could harm the Company’s business; the Company is subject
to volatility in foreign currency exchange; the Company faces the risk of
exposure to product liability claims, a product recall and adverse publicity; a
determination that the Company's long-lived or intangible assets have been
impaired would require an accounting charge, which could adversely affect the
Company's future results of operations and financial position; and the Company
faces increased costs and compliance risks associated with compliance with Section
404 of the Sarbanes-Oxley Act of 2002; as well as the other risks detailed in
the Company's SEC reports, including the Company's Form 10-Q filed pursuant to
the Securities Exchange Act of 1934 on July 15, 2005. We assume no obligation
and expressly disclaim any duty to update any forward-looking statement to
reflect events or circumstances after the date of this presentation or to
reflect the occurrence of unanticipated events.
For further information, please contact Robert E.
Price, Interim Chief Executive Officer (858) 551-2336; or John M. Heffner,
Executive Vice President and Chief Financial Officer (858) 404-8826.