For the record, lately Yahoo has been cutting off parts of press releases. Please note that other news sources do include SmartStockAdvisor.com as the contact. Nothing has changed regarding our relationship with Microphonics.
As a result of our visit to the company in Mid-June, not only did Jimmy Gayle welcome the idea of hiring a credible and well-recognized accounting firm, he took decisive action on the spot. He immediately made appointments to receive proposals from at least 3 major firms. Microphonics reviewed the proposals, and chose Ernst & Young. Ernst & Young, in turn, did their due diligence on Microphonics prior to accepting them as a client.
The announced letter of engagement secures the accounting services needed to move Microphonics further towards their goal of getting a Nasdaq-Amex listing. In the coming days, there will be more meetings with Ernst & Young and more details regarding a plan of action are to follow.
2nd quarter results will be released as soon as they become available. We do not know what part, if any, Ernst & Young will have in the compilation of these numbers.
Jimmy, Myles and the rest of the team are working non-stop in meeting with customers and ironing out contracts. Again, while news is presently not coming out as quickly as some would like, deals are being done. We hope to be issuing more information shortly. Microphonics is dealing with major entities, and often the stamp of approval must filter down through an evergrowing lengthy chain of command
Six months ago, very few of us ever heard of this "penny" stock. But now we are in on the forefront of technology that could ultimately, directly or indirectly, be part of each of our daily lives.
Overall, we are very pleased and very appreciative of the quick action Microphonics has again taken to build credibility and assure shareholders of their sincere efforts to step up to the challenge and meet the demands of the investment community. They are absolutely committed to making certain that the road is clearly laid out for the future of the company and its shareholders.
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
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