Hello Comwiz and all,
thought I would post this latest piece of info' for you. I'm not sure of the ramifications of it. (Sorry it didn't format too well when I copied it over).
I found the original on the quicken.com site at
quicken.com
<<SC&T International Inc. Files Formal Appeal with the SEC For NASDAQ Delisting, Also Requests a Hearing Thursday, April 30, 1998 09:30 AM
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 30, 1998--SC&T International, Inc.
(OTC BB:SCTI) Thursday announced that the company, through Corporate Counsel,
Gregory Good & Associates, filed a formal notice of appeal with the Securities and
Exchange Commission (SEC) on April 27, 1998, regarding the NASDAQ's listing and
hearing review council's decision dated March 25th, 1998 to uphold the companies
delisting from the NASDAQ Stock Exchange.
SC&T has also called for a hearing on the issue.
Copland, chairman & chief executive officer for SC&T stated "The company continues
to work towards improving shareholder value. Clearly a decision by the SEC to relist
the companies shares would have a significant impact with investors."
Copland further stated that he feels that the NASDAQ's action was severe and unjust
punishment for a company whose only infraction at the time, was it's inability to file its
10-KSB in a timely manner.
This circumstance was not orchestrated by SC&T, but was a direct result of its
accounting firm, Toback & Company, who officially resigned its relationship with SC&T
on Sept. 17th, 1997. This left the company with only 15 days to find another accounting
firm, prepare, audit and submit its 10-KSB prior to the filing deadline required by the
NASDAQ.
Toback's decision inflicted irreparable damage to SC&T, least of which was "The
Operational Ethics" of SC&T's operations. After Evers & Company completed their
audit, no improprieties were claimed whatsoever. A fact that Evers would have had to
report. This further supports SC&T's position that Toback could have completed its
audit before resigning, and that its September 17th decision was premeditated and
unnecessary.
Gregory Good, Corporate Counsel for the company stated "I have a high level of
confidence that the SEC will carefully review the matter to ensure that both the best
interest of SC&T's shareholders has been considered and that the NASDAQ has not
abused its discretion.
SC&T International Inc., is a rapidly growing company that develops and markets
innovative products for the computer and video game industries under its Platinum
Sound(R) and ULTIMATE Per4mer(TM) brand names.
The line includes subwoofer and speaker enhancement systems and a variety of video
arcade racing wheels and game controller products. SC&T has its headquarters in
Scottsdale, with offices in Canada, Asia, Europe and the United Kingdom. For more
information, visit our web site at www.platinumsound.com.
CONTACT: SC&T International Inc., Scottsdale
Jamie Copland, 602/368-9490
Quote for referenced ticker symbols: SCTI
c 1998, Business Wire>>
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