(PR NEWSWIRE) Microphonics Details Plan and Timetable to Become Fully Repo
Microphonics Details Plan and Timetable to Become Fully Reporting to the SEC
NASHVILLE, Tenn., Aug. 12 /PRNewswire/ -- Microphonics
(OTC Bulletin Board: MRPS) ( microphonics.com ) announced today the
schedule of events that it will take with the assistance of Ernst & Young, its
accounting and auditing firm, to become fully reporting according to SEC
regulations.
Ernst & Young, one of the world's leading professional service
organizations, is a proactive, relationship-oriented firm. According to their
letter of engagement with Microphonics, Ernst & Young will seek to identify
Microphonics' short and long term objectives and will expand their
understanding of Microphonics' vision, ensuring that long term value is being
added and growth opportunities are being aggressively pursued. Ernst & Young
will add value to the process by assisting in increasing efficiency in all
aspects of business operations and determining which activities are critical
and strategic in achieving Microphonics' vision.
Ernst & Young will aggressively accomplish the following key goals:
-- Complete a full merchandise inventory audit by the end of August.
-- Review and independently audit 1997 and 1998 financials.
-- Assist in filing Form 10 and completion of all other SEC requirements
starting in September and due to be completed by mid December.
-- Evaluate tax planning opportunities.
-- Facilitate exposure and negotiation with brokerage houses.
-- Audit 1999 financials by first quarter 2000.
-- Assist in the filing of all SEC forms as required on a timely basis.
All financial statements will be posted on Microphonics' website when
completed.
Microphonics has hired a Chief Accounting Officer who brings 13 years
experience as a senior manager with one of the big five accounting firms. In
addition to working closely with Ernst & Young, the CAO will be responsible on
a day to day basis for managing Microphonics' finances.
More information about Microphonics is available at their new website:
<http://www.microphonics.com>
Statements included in this press release which are not historical in
nature, are intended to be, and are hereby identified as "forward-looking
statements" for purposes of the safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended by Public Law 104-67 and
provisions of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements may be identified by words including "anticipate,"
"believe," "intends," "estimates," "expects," and similar expressions. The
Company cautions readers that forward-looking statements, including without
limitation those relating to the Company's future business prospects are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking statements.
Contact: Investor Relations:
SmartStockAdvisor.com
619-492-8061, smartstockadvisor@yahoo.com
www.smartstockadvisor.com
SOURCE Microphonics, Inc.
-0- 08/12/99
/CONTACT: Investor Relations, 619-492-8061, SmartStockAdvisor.com/
/Web site: smartstockadvisor.com
/Web site: microphonics.com
(MRPS)
CO: Microphonics, Inc.; Ernst & Young
ST: Tennessee
IN: CPR FIN
SU:
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