Wednesday April 26, 6:04 am Eastern Time
Company Press Release
National Institute Companies of America Issues Statement to Clarify Timetable for Form 10 Filing and Address the Possible Implication of Eligibility Rule as it Would Apply to NICA
PITTSBURGH--(BUSINESS WIRE)--April 26, 2000--National Institute Companies of America (``NICA'') (OTCBB:NICME - news) issues a statement to clarify the timetable for the form 10 filing and address the possible implication of the eligibility rule as it would apply to NICA.
The eligibility rule provides a phase-in schedule for each company, based on the company's trading symbol as of Jan. 4, 1999. Companies and/or Institutions that don't meet their particular deadline will not be allowed to trade on the OTCBB. Approximately 30 days prior to the deadline (60 days in the case of NICA) the NASD requires an addition of an ``E'' to the companies trading symbol until such a time as the company is in full compliance with the eligibility rule or is removed from the OTCBB with the suspension of all trading. NICA has had an ``E'' added to their symbol effective April 24 making the current trading symbol NICME. The final eligibility deadline for NICA is June 21, 2000.
The company had expected the 1998/1999 financials to be completed in the first quarter. However, critical documents from the period prior to the company restructuring in 1998 were found to be missing and/or misrepresentative. Current management is committed to full and truthful disclosure of all company history and financial transactions and has gone to great lengths to produce supportable documentation. The company is now concluding the audit and finalizing the attorney's opinion for the form 10. The completed form 10 will be filed early in May 2000.
NICA has discussed concerns about the eligibility rule with corporate counsel and the investment advisors handling NICA secondary offerings. Our advisors widely agree that the ``E'' is of little concern citing NICA's growth potential along with current and future acquisitions. In the overall picture, the ``E'' will be a non-issue.
NICA is a diversified holding company that was founded on the strategy of maximizing revenues for Community Banks on an equal, if not superior, performance basis to the largest banks in the nation. The company is structured to assist banks, bank holding companies and other financial institutions (brokers/dealers, S&Ls, accounting firms, etc.) in the planning, design and implementation of an insurance marketing program and financial planning profit center within the bank or entity. NICA is one of the largest providers of estate and financial planning products and services to the Community-Independent Banks in the United States and has expanded business operations to include investment banking services and continuing education.
The company welcomes comments and suggestions at corporate@nicoa.com.
Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends, and future operating revenues and expenses. Although the company believes that the statements are reasonable, it can give no assurance that such expectations will prove to be correct. Investors are cautioned that any forward-looking statements made by the company, or contained in this profile/research report, contain no guarantee of future performance, and that the actual result may differ materially from those set forth in the forward-looking statements. Difference in results can be caused by various factors including, but not limited to, the company's ability to be able to successfully complete planned funding agreements, to successfully market its products in competitive industries or to effectively implement its business plan or strategies.
SOURCE: Mortgage Bankers Holding Corp., doing business as, National Institute Companies of America
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Contact:
Mortgage Bankers Holding Corp., Pittsburgh
Tizo Maduro, Investor Relations
800/290-8935 or 716/256-6505, ext. 219
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