Guess Mr. Huttoe needed a vacation!!!!!
Friday October 18 4:11 PM EDT
Systems Of Excellence President Comments On Company's Current
Status
MCLEAN, Va., Oct. 18 /PRNewswire/ -- Kenneth Walther, the President of Systems Of Excellence , (SOE or the
Company), states that it has hired the auditing firm of Feldman, Radin & Co. P.C., Certified Public Accountants, to re-audit
the February 29, 1996 Form 10-KSB. Mr. Walther stated that the Company lacks confidence in the financials that were
filed and prior press releases; and investors and market-makers should not rely on such filed financials or press releases.
On October 4, 1996, the SEC issued a private order of investigation concerning the Company, its filings, and trading in the
Company's securities.
On October 7, 1996, the SEC temporarily suspended trading in the Company's securities. The Commission release stated:
"The Commission ordered this trading suspension because of questions raised as to the adequacy and accuracy of
publicly-disseminated information concerning, among other things: (1) SOE's reported financial condition; (2) the existence
and value of services rendered to SOE in exchange for stock issued by SOE; (3) whether stock was issued by SOE to
consultants without registration; (4) the reasons for changes in SOE's independent accountants; and (5) SOE's sales of its
video teleconferencing products. The Commission determined that the public interest and the protection of investors requires
a suspension of trading in SOE securities."
The Company's current management has not yet been able to satisfy itself as to these issues.
Mr. Walther stressed that the trading suspension in the Company's securities should continue until more accurate and
complete disclosure has been made to the SEC and other self regulatory organizations.
Mr. Walther further stated that to the best of his knowledge the Chairman of the Company has taken an administrative leave
of absence. SOURCE SYSTEMS of Excellence, Inc. |
