MDCE-NEWS:
Media Concepts, Inc. Announces Completion of 10K and
Reevaluation of Company
PR Newswire - December 10, 1997 14:39
MDCE %CPR V%PRN P%PRN
PALM SPRINGS, Calif., Dec. 10 /PRNewswire/ -- Media Concepts, Inc.
(OTC Bulletin Board: MDCE) announces Grossman and Company, CPA, PC, has
completed the 10K for year end 1996, and will file the report with the proper
regulatory agencies next week.
The 10K, completed under GAP accounting procedures, reflects an asset
value of 35 million dollars on 3.7 million shares, instead of the 2.3 million
dollars originally stated.
Robert Torres, CFO, states, "The original valuation did not include
several assets in the Company, including the Taylor Caldwell Works and
Mindware, Inc. Additionally, other assets were improperly valuated under
"GAP" accounting procedures. This now reflects a proper assessment for
investors, and gets Media Concepts, Inc. the first step in becoming a fully
reporting company.
Grossman & Company will now move forward with completing the 10Q's for the
Company. The 10K data will be released in the very near future.
SOURCE Media Concepts, Inc.
/CONTACT: Robert Torres of Media Concepts, Inc., 760-320-9720/
(MDCE) |
