What does Forensic Audit mean? Legal Action is being taken against the previous management of CYSSe. Isn't some of the management of MNOCe also the EX management of CYSSe? I thought the president of MNOCe (James Rodgers) was also the president of CYSSe and suddenly resigned at the same time as another common director Edwin Austin. What does this mean? Is there anything yet in the newspapers or other press?
SAN DIEGO--(BUSINESS WIRE)--Feb. 24, 2000--The Board of Directors of Crys-Tel Telecommunications.com, Inc. (Pink Sheets, National Quotation Bureau, CYSS) has announced that the Company has retained the certified public accounting firm of Siegel Smith LLP to conduct a forensic audit of the conversion of the Company's funds.
The auditor has issued a report to the Board that the amount of $49,254 has been temporarily converted from the Company's bank accounts during the period of July 1st, 1999 through September 30th, 1999. In addition, another $24,000 was made in improper payments to an unauthorized vendor. As a result the Company has recorded a charge against its revenues of $73,254 during the period of July 1st, 1999 through September 30th, 1999.
The Board has retained a law firm to vigorously pursue the company's claims for all damages, losses and expenses that the Company has incurred.
Additionally, the Company intends to amend and restate its unaudited quarterly financial statements for the period ending September 30, 1999 to incorporate these matters.
About Crys-Tel Telecommunications.com, Inc.
Crys-Tel Telecommunications.com Inc., based in San Diego, is a facilities-based international carrier utilizing the Internet to provide economical international telecommunications services. The Company operates both as a wholesale carrier for international long distance resellers and as a retail carrier, servicing its own network and marketing the use of its network to consumers in designated areas. Crys-Tel combines advanced engineering and system integration along with the high resiliency of gateway solutions to ensure users high quality services over the Crys-Tel Network.
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