Trunkbow Completes Re-Audit of 2009 Financial Statements; No Significant Changes to Previously Reported Financial Statements

Trunkbow International Holdings Limited

today announced that the independent registered public accounting firm Holtz Rubenstein Reminick LLP has completed its review and audit of the Company's consolidated financial statements for the year ended December 31, 2009. Trunkbow has filed an amended 2010 annual report on Form 10-K/A with the U.S. Securities and Exchange Commission containing HRR's audit report for the year ended December 31, 2009. There were no significant changes to the financial statements originally audited by the Company's outside auditors, Bernstein & Pinchuk LLP. In reviewing the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the SEC informed the Company that because its Chief Financial Officer, Ms. Alice Ye, was previously employed by B&P, and had performed more than 10 hours of work on the Trunkbow audit for the year ended December 31, 2008, it did not consider B&P "independent" as defined in the SEC's rules regarding auditor independence. The Company disagreed, arguing that the hiring of Ms. Ye was in accordance with an exemption for such situations involving emergency or unusual circumstances approved by the Company's board of directors or audit committee, and noting the limited work performed by Ms. Ye and her status as a non-partner in B&P at the time. In the interests of investor transparency and to avoid a complicated on-going regulatory process in recognition of the SEC Staff's position on this matter, the Company engaged HRR to review and issue a new audit report on its consolidated financial statements for the year ended December 31, 2009.