SmartStockAdvisor.com Report: Some Answers
In order to keep shareholders informed, we are monitoring our email, phone lines and these boards on SI and RB to spot trend questions which should be answered more widely. Below are a few of those questions with our response.
1. Some confusion has arisen about the legal name of Microphonics, mostly due to an error on their income statement on their website which incorrectly names Ultraphonics of North America as the originator of the financial statement. This error has been fixed.
The original name of the company back in the early '90's was Ultraphonics of North America, but in 1995 Microphonics, Inc. was formed in the state of New York and is the legal company we all own shares in. Microphonics, Inc. (a New York corporation) is the holding company for three wholly owned subsidiaries; Microphonics of Tennessee (now their automotive division), Ultraphonics of N.A. of Tennessee ( now their industrial division), and Soundlogic of Tennessee (now their software division.)
2. Another question we are frequently asked is when will be see the complete balance sheet in addition to the income statement on their website; when will be see audited numbers; and when will Microphonics become fully reporting to the SEC.
Microphonics is now completing the interview process of hiring a major accounting firm which will, when hired, complete the review of all necessary financials and immediately begin the refiling process with the SEC. Also, they will assist Microphonics in establishing an error-proof internal accounting system. In the interim, we are hopeful we will get an unaudited 1998/1st qtr. 1999 balance sheet for posting on their website as their first task assignment. As soon as this accounting firm is formally retained, we will announce that fact. When audited numbers are available from them and when the refiling process begins, this will also be announced.
3. We have received numerous questions regarding speculations posted on SI and RB about a possible "buy in" or "buy out" of Microphonics by Delco-Remy and/or Penske.
We are unable to comment on such rumors at this time. We will disseminate any information regarding this matter in a general press release when and if appropriate.
SmartStockAdvisor.com
Disclaimer: SmartStockAdvisor. com is a compensated agent of Microphonics, Inc. as of May 18,1999. SSA has been hired to perform press and investor relations for the company and are being compensated as follows: during the first three months of our contract SSA will receive 3K freely trading shares and 2K restricted shares per month; thereafter SSA will receive 5K restricted shares per month, with possible additional restricted shares on a quarterly basis. The individuals comprising SmartStockAdvisor.com collectively, in their personal accounts, own less than 1% of the outstanding shares of Microphonics. |
