INX Provides Update On Status Of Financial Restatement

INX Inc. INXI today provided an update on the status of completing its 2010 audited financial statements and the restatement of certain previously issued financial statements. As previously announced, the Company has been involved in a process to restate certain previously issued financial statements. Commenting on the status of the completion of the restatement, James Long, the Company's Executive Chairman, said “When we last provided an update to investors on April 18, 2011 we believed we were within only a few days of completing the restatement process and filing our financial statements with the SEC. A restatement of 3 years of financial statements related to complex multiple element revenue recognition accounting is complex and involves factors that cannot be predicted with certainty. While such factors have caused the process to take longer than anticipated, the audit continues to move forward towards completion and we are currently anticipating that the process will be concluded at the end of this week or early next week. We will schedule the formal announcement of our results and the related investor conference call as soon as possible. We appreciate the continued support of our investors as we work towards finalizing the audit and bringing the financial restatement to closure.”