News: K2F K2fly Updates On Ongoing Investigation

March 8 (Reuters) -

• K2FLY - INVESTIGATING DISCREPANCIES BETWEEN RECORDS OF ITS SOUTH AFRICAN REGISTERED SUBSIDIARY AND RECORDS OF LOCAL TAXING AUTHORITY
• K2FLY LTD - SUSPECTS THAT A FRAUD IS LIKELY TO HAVE OCCURRED WITHIN SUBSIDIARY'S SOUTH AFRICAN OFFICE
• K2FLY LTD - SUSPECTED FRAUD MAY HAVE BEEN ONGOING FOR A PERIOD OF TIME
• K2FLY LTD - EMPLOYEE IS NO LONGER EMPLOYED BY SUBSIDIARY
• K2FLY LTD - EXPLORING ALL OPTIONS OF FINANCIAL RECOVERY THROUGH INVESTIGATION PROCESS AND INSURANCE CHANNELS
• K2FLY LTD - FINANCIAL MANAGEMENT OF SUBSIDIARY HAS BEEN TAKEN OVER BY AUSTRALIAN-BASED TEAM, UNDER OVERSIGHT OF COMPANY'S CFO
• K2FLY LTD - IT REMAINS UNCERTAIN WHETHER A INSURANCE CLAIM WOULD BE SUCCESSFUL