NET COMMAND TECH, INC. RETAINS ERNST & YOUNG LLP AS INDEPENDENT
PR Wire
July 6, 1999, 4:52 a.m. PT
Auditors;
Form 10SB Filing Planned in Third Quarter
ST. PETERSBURG, Fla., July 6 /PRNewswire/ -- Net Command Tech, Inc. today
announced it has retained the accounting firm of Ernst & Young LLP as its
independent auditor, effective July 1, following an intensive review process
by the accounting firm.
"We are pleased and gratified to have retained Ernst & Young as Net
Command Tech's independent auditors," said Charles C. Bream, president and
chief executive officer of Net Command Tech. "Ernst & Young is recognized and
respected for its technology expertise and provides a service that is key in
our effort to establish a robust corporate infrastructure at the Company."
In addition, the Company said it is in the process of locating its
business headquarters to offices in St. Petersburg, Fla. The Company was to
be headquartered in Ft. Lauderdale with related operations located in St.
Petersburg.
"Logistically and from a cost savings standpoint, it is most sensible to
locate the Company's headquarters in St. Petersburg where the bulk of its
operations presently reside," Mr. Bream said.
Response to Trading Halt --
Ernst & Young is now in the process of auditing Net Command Tech's
financial statements in regard to certain recent acquisitions in preparation
for a Form 10SB filing that the company plans to submit to the Securities and
Exchange Commission in the current quarter.
"The Form 10SB filing should provide information sufficient to a
restoration of Net Command Tech's stock exchange listing and, ultimately, a
resumption of trading in Net Command Tech shares," said Robert Chalnick, Net
Command Tech's executive vice president, finance.
The SEC halted trading in Net Command Tech shares by an Order of
Suspension of Trading issued June 11 and effective through June 24.
In its Order, the SEC cited a lack of current and accurate publicly
available information and was specific to four points:
* The purported acquisition by Net Command Tech of certain companies'
assets and stock and the valuation of those assets and stock
* A $1.5 million line of credit purportedly secured by Net Command Tech
from a European Bank
* The revenue generated by an American company purportedly acquired by Net
Command Tech, and
* The business success and reputation of Net Command Tech's (then) CEO and
president.
As previously announced by the Company, William R. Dunavant, Net Command
Tech's president and CEO at the time the SEC's Order was issued, resigned his
positions as an officer and director of the Company, effective June 18.
On June 25, Net Command Tech common stock was delisted from the OTC
Bulletin Board and Pink Sheet listings, as is typical following an SEC ordered
suspension of trading, the Company said.
Management Addresses Shareholder Concerns
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