Premier online luxury goods retailer, Odimo Incorporated announced that Rachlin Cohen & Holtz, LLP, one of the largest independent accounting firms in the Southeast and the largest independent accounting firm in South Florida ("Rachlin") has been selected to replace Deloitte & Touche LLP ("Deloitte") as Odimo's independent auditors, effective September 2, 2005. On August 31, 2005, Deloitte notified the management of Odimo and the Audit Committee that it had decided to resign as Odimo's independent auditors.
In connection with Deloitte's audits and any subsequent interim period through the date of Deloitte's resignation, there were no disagreements between Deloitte and Odimo on any matter of accounting principles or practice, financial statement disclosure or auditing scope or procedure or any other reportable events requiring disclosure in accordance with Item 304 of Regulation S-K. A copy of a letter from Deloitte agreeing with this is filed as an exhibit to Odimo's Current Report on Form 8-K filed with the SEC on September 2, 2005.
"They appreciate Deloitte's years of service to Odimo, especially the valuable assistance they provided during initial public offering," said Alan Lipton, Odimo's President and Chief Executive Officer. "Like many other small companies, it makes sense for us to retain Rachlin, a large South Florida-based audit firm with a structure and capability that's better suited for a public company of size."
Florida based Odimo's websites collectively showcase over 2,000 watch styles; a large assortment of luxury goods, such as designer handbags and fashion accessories, fragrances and sunglasses; more than 25,000 independently certified diamonds; and a wide range of precious and semi-precious jewelry.
Odimo Inc sells brand name goods at discounts to suggested retail prices, and diamonds and fine jewelry at competitive prices. The Company features many of the branded items available in leading department and specialty stores, as well as diamonds certified by the Gemological Institute of America(GIA).