Tecnoglass provides additional detail on special committee review

Barranquilla, colombia, march 04, 2022 (globe newswire) -- tecnoglass, inc. (nasdaq: tgls) ("tecnoglass" or the "company") , as disclosed yesterday, the work of a special committee of the board that was formed to assess the allegations in a short seller report issued on december 9, 2021 is nearing completion. consistent with the allegations in the short seller report, the special committee's mandate was to (1) investigate whether transactions with certain related parties were not properly disclosed, (2) identify and consider the controls associated with related party transactions, and (3) assess the veracity of allegations in the short seller report of past law enforcement activity involving certain tecnoglass officers. while the special committee has been focused only on the issues outlined above and its work is nearing completion, the special committee has not, during the course of its work, identified evidence of fraud associated with the related-party transactions referenced in the short seller report. the company does not expect that the findings from the special committee's review will result in an adverse effect on the company's consolidated financial statements, results of operations, or liquidity, in each case for the fiscal year ended december 31, 2021.
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