The new guy has balls and seems straight :-)
CIS.com Announces That It has Terminated Its Consulting Agreement With Michael J. Skopos
MIAMI--(BUSINESS WIRE)--Aug. 3, 2001--CIS.com Inc. (OTC:CISI - news) announces that, effective immediately, the Company has terminated the previously-announced consulting agreement with Michael J. Skopos. This decision was made following the receipt of previously-undisclosed information regarding Mr. Skopos' prior involvement with Sky Scientific, Inc.
CIS.com would like to thank those shareholders and other concerned parties who brought this matter to the Company's attention.
Although CIS.com conducted a pre-employment screening, neither Mr. Skopos nor any of his references disclosed the Securities & Exchange Commission's (``SEC'') investigation or the serious nature of the SEC's findings regarding Sky Scientific, Inc., with whom Mr. Skopos was employed as Chief Geologist and Project Manager between March 1992 and November 1994 (for the complete text of the SEC decision regarding Sky Scientific, Inc., please see: sec.gov.
Said Allen Smith, CIS.com's President, ``subsequent to yesterday morning's announcement regarding Mr. Skopos, we received information from a number of sources regarding an SEC investigation of Sky Scientific, Inc. and Mr. Skopos' role with that company which had not previously been disclosed to us. CISI is very close to completing the Sovereign Resources acquisition, and the assets owned by Sovereign are too substantial for there to be any doubts whatsoever regarding any member of our team.''
In closing, Allen Smith stated that, ``Quite honestly, we made a mistake. However, as President, I am committed to building an entirely new company, and hope that the Board's immediate response to this matter will assure investors that all CISI officers, directors and consultants must have spotless records and impeccable credentials as a precondition of employment and association with our Company.''
ON BEHALF OF THE BOARD
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the ``Act''). In particular, when used in the proceeding discussion, the words ``plan'', ``confident that'', ``believe'', ``expect'', or ``intend to'' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components for, and delays in the start of production, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financing and other risks described in the company's SEC reports and filing.
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