Loch Harris Inc. Discloses Information
AUSTIN, Texas--(BUSINESS WIRE)--Nov. 3, 2000--Loch Harris Inc.,
(OTCBB:LOCHE) has been advised that a statement was publicly issued on
Thursday, Oct. 25, 2000 indicating that the Company was cooperating with a
routine Securities and Exchange Commission (SEC) investigation to insure
that ELF performs as promised.
The investigation the SEC is conducting is not routine. The Company
understands that the focus of the SEC investigation is to determine
whether or not the Company and others may have violated the registration,
antifraud and periodic reporting requirements of the federal securities
laws.
The Company had indicated in its press release dated Oct. 19, 2000 that
the Company is cooperating with an SEC investigation. The Company
continues to anticipate it will cooperate; however, it also plans to
protect the confidentiality of what it considers to be its trade secrets
and other proprietary information which could put it in conflict with the
SEC.
In addition to the above, the Company had also indicated in its Oct. 19
press release that it was delinquent in filing its Form 10-K with the SEC
for the fiscal year ended June 30, 2000, and that it was continuing its
efforts to complete the report and file the Form 10-K as soon as possible.
Although the Company is continuing its efforts to complete the process of
compiling the financial records, documentation and other information, at
this time, it cannot predict when the Form 10-K will be filed with the
SEC.
If the Company does not remedy the delinquency prior to Nov. 17, 2000 its
shares of common stock will no longer be eligible for trading on the
NASDAQ-OTCBB and will be delisted at the close of trading on Nov. 17,
2000. The Company does not currently anticipate that it will have the
delinquency remedied by that date. In addition, the Company has a Form
10-Q filing that will be due Nov. 15, 2000. It does not currently
anticipate that it will meet that filing deadline either.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements which are not historical facts contained in this
press release are forward-looking statements that involve certain risks
and uncertainties including but not limited to risks associated with the
uncertainty of future financial results, development of products,
regulatory actions, the impact of competitive products or other
uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
CONTACT:
Investor Communications Group
Chuck Bagley, 770/391-7273 |
