SAU (Substance Abuse Technologies) Message Board

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Microcap & Penny Stocks : SAU (Substance Abuse Technologies)

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To: DeadHead who wrote (41)	7/15/1997 5:04:00 PM
From: Burkhard Brinkmann	of 62

Substance Abuse viability in question FORT LAUDERDALE, Fla., July 15 (Reuter) - Substance Abuse Technologies Inc said Tuesday that its auditor's report for fiscal 1997 was subject to a ``going concern'' qualification because of the company's recurring operating losses, working capital deficiency, and a deficiency in stockholders equity at the end of its fiscal year, March 31. In addition, the company said that it does not fully satisfy all the American Stock Exchange guidelines for continued listing and there can be no assurance its listing will be continued. It added that management has already taken steps to deal with these issues and strongly believes that they all will be successfully resolved in fiscal 1998. Substance Abuse said that fiscal 1997 results had been impacted by a series of nonrecurring charges related to the closure of some lines of business, significant investment in operational systems for its core business of administering substance abuse prorgams in the workplace and an acquisition program. It reported a net loss for the year of $15.4 million, or $0.44 per share, versus a loss of $10.5 million, or $0.35 a share in fiscal 1996.

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