I know you don't care anymore, but it seems that you predicted this:
METRO GLOBAL MEDIA, INC. 1999 FORM 10-KSB FILING DELAYED
--Cranston, Rhode Island, September 14, 1999: Metro Global Media, Inc. (NASDAQ: MGMA), an international multimedia and adult entertainment enterprise, today
announced that it did not timely file its 1999 Annual Report on Form 10-KSB by
September 13, 1999, as required by SEC Rule 12b-25. Due to its recent change in
accounting firms, Metro has experienced delays in the start and completion of
the annual audit of its financial statements. Metro also announced that it
expects to report a loss from operations for its fiscal year ended May 31, 1999,
primarily due to a material decrease in the revenues and operating income of its
Fanzine subsidiary for the fourth quarter, as compared to the prior quarters of
fiscal 1999, and to interest expense related to the valuations of warrants
issued in the connection with debt primarily related to Metro's acquisition of
Fanzine.
Metro further announced that it expects to restate its financial statements and
reduce its earnings (loss) per share for fiscal 1998, 1997 and 1996 primarily
due to recording of embedded interest related to Metro's convertible preferred
stock and debentures, recalculation of amortization on Metro's film library and
reclassification of a related party transaction.
CONTACT: Metro Global Media, Inc.
Jennifer St. Cyr, (888) 463-8764
www.METROGLOBAL.com |
