Two-year audit initiative advances Company’s financial-reporting infrastructure and mid-term objective of pursuing qualification for the OTCQX® Best Market
GREEN VALLEY, Ariz., Sept. 16, 2026 (GLOBE NEWSWIRE) — NEXT10, Inc. (OTC: NXTN), together with its operating company Torreon Group, Inc., today announced that it has engaged Victor Mokuolu, CPA PLLC, an independent public accounting firm registered with the Public Company Accounting Oversight Board (“PCAOB”), to conduct audits of Torreon Group, Inc./NEXT10, Inc. financial statements for the fiscal years ended July 31, 2024 and July 31, 2025.
The audit engagement represents an important step in strengthening NEXT10’s financial-reporting, accounting and corporate-governance infrastructure as the Company continues to expand its operating businesses and pursue its longer-term capital-markets strategy.
The audit is expected to be conducted in accordance with applicable PCAOB auditing standards and is intended to provide an independent auditor’s opinion regarding the presentation of the applicable financial statements, in all material respects, under the applicable financial-reporting framework.
Management’s mid-term objective is to position NEXT10 to pursue qualification for the OTCQX® Best Market, the highest market tier operated by OTC Markets Group, subject to the Company satisfying all applicable financial, reporting, governance, public-float, market-price and other eligibility requirements in effect at the time of any application.
The Company is also working toward developing the accounting and reporting infrastructure necessary to become an SEC-reporting company. These initiatives are part of a broader effort to increase financial transparency, strengthen corporate governance and establish a reporting framework capable of supporting NEXT10’s continued growth.
“Engaging a PCAOB-registered auditor is an important milestone in the continued development of NEXT10 and Torreon Group,” said Garrett Reincke, President of NEXT10, Inc. “As the Company has grown, so has the complexity of our accounting and reporting requirements. Our objective is to establish the disciplined financial-reporting infrastructure and transparency expected of a more mature public company.
“The audit is not the end objective; it is part of the foundation we are building for the next stage of NEXT10,” said John B. Hayden, Chief Executive Officer and Chairman. “Our mid-term capital-markets objective is to position the Company to pursue qualification for OTCQX. Getting there requires stronger financial reporting, governance, operating discipline and transparency, and that is the infrastructure we are putting in place.”
The audit process is expected to include examination of historical financial statements, accounting records and supporting financial information. Completion of the audit will depend on, among other matters, the availability and completeness of historical records, completion of required audit procedures and resolution of any accounting matters identified during the process.
The engagement of a PCAOB-registered auditor does not by itself result in the Company becoming SEC reporting or qualifying for OTCQX, and there can be no assurance regarding the timing or successful completion of either initiative.
About NEXT10, Inc.
NEXT10, Inc. (OTC: NXTN), operating through Torreon Group, Inc. and its affiliated businesses, is a diversified holding and operating company with interests that currently include mining, residential development and homebuilding, distillery operations, and aviation.
The Company’s strategy is to acquire and develop assets and operating businesses, including opportunities backed by real estate or other hard assets, and seek to improve operations and optimize those assets for cash flow. As its portfolio develops, NEXT10 is also strengthening the financial-reporting, governance and corporate infrastructure necessary to support the Company’s long-term growth and capital-markets objectives.
For additional information, visit www.torreongroupinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws, including statements regarding the anticipated audit process and completion of audited financial statements; the Company’s efforts to strengthen its financial-reporting, accounting and corporate-governance infrastructure; its objective of becoming an SEC-reporting company; its intention to position itself to pursue qualification for the OTCQX Best Market; and the Company’s business-development and growth strategy.
Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “expect,” “intend,” “objective,” “plan,” “pursue,” “seek,” “will,” “would,” and similar expressions.
These statements are based upon management’s current expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including the timing, scope and results of the audit; the completeness and availability of historical accounting records; the Company’s ability to complete its financial-reporting and governance initiatives; the Company’s ability to satisfy applicable OTCQX eligibility requirements; changes in applicable securities, accounting or OTC Markets requirements; the Company’s ability to obtain financing on acceptable terms, if at all; risks associated with its operating businesses and development-stage projects; and general economic and market conditions.
The Company is not currently subject to the periodic reporting requirements of the Securities Exchange Act of 1934. There can be no assurance that the Company will become an SEC-reporting issuer, satisfy the requirements for OTCQX qualification or that any future application for OTCQX will be approved.
Forward-looking statements speak only as of the date of this release. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect subsequent events or circumstances.
Contact
John B. Hayden
CEO/CHAIRMAN
Investor Relations
ir@torreongroupinc.com
