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(CR)Actrade Announces Resignation of Founder and Chairman
2002-08-22 18:39 (New York)
PR Newswire - First Call Wire (Actrade Financial Techno
Actrade Announces Resignation of Founder and Chairman
Actrade Expects to Delay the Filing of Its
Form 10K for the Year Ended June 30, 2002
NEW YORK, Aug. 22 /PRNewswire-FirstCall/ --
Actrade Financial Technologies, Ltd. (Nasdaq: ACRT), a provider of financing,
payment and processing solutions, today announced that Amos Aharoni, Actrade's
founder, Chairman of the Board and former Chief Executive Officer, has
resigned from all director and officer positions he holds with Actrade and its
subsidiaries.
Actrade also stated that Mr. Aharoni had declined to cooperate fully with
the previously announced evaluation by its Audit Committee of anonymous
allegations received by the Board that primarily related to possible
irregularities and other alleged improprieties in the Company's IMT business
formerly conducted by its Actrade Resources subsidiary.
Actrade also announced that it expected to delay the filing of its Form
10K for the year ended June 30, 2002 in order to accommodate the Audit
Committee's ongoing evaluation. At this time, it is not feasible to determine
when the Audit Committee's evaluation will be completed and, accordingly,
Actrade is not in a position to provide any further guidance as to when its
Form 10K will be filed.
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance, or achievements of the Company to be
materially different from any future results, performance, or achievements
expressed or implied in such forward-looking statements. Additional
discussion of factors that could cause actual results to differ materially
from management's projections, forecasts, estimates and expectations is
contained in the Company's SEC filings.
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SOURCE Actrade Financial Technologies, Ltd.
-0- 08/22/2002
/CONTACT: Melissa Payne-Smith, Investor Relations Manager of Actrade
Financial Technologies, Ltd., +1-732-868-3100, ext. 211,
Investor_relations@actrade.com/
/Web site: actrade.com
(ACRT)
First Call Corporation, a Thomson Financial company.
-0- Aug/22/2002 22:39 GMT |
