News Posted after market close from newswire:
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.
More sucky crap, if you ask me.
Regards,
Dave |
