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Firamada, Inc. to Release Audited 1997 Balance Sheet and Six-Year Proforma
NEW YORK--(BUSINESS WIRE)--May 7, 1998--Firamada, Inc. announced today they will independently release the Company's audited balance sheet for 1997 tomorrow, May 8th. The Company also stated they will release proforma projections for the remainder of 1998 and for the years 1999-2003.
Firamada, Inc. is currently taking steps necessary to become a fully-reporting company. Pursuant to SEC regulations, Firamada has instructed their auditing firm to submit 1997 financials to the SEC for processing and filing on EDGAR. Due to unforeseen delays, and as a result of intense shareholder interest, the Company will release the audited balance sheet for 1997 tomorrow, May 8th.
Mr. Ira Monas, President of Firamada, spoke on this and other Company business, "We apologize for the length of time it is taking to comply with our earlier stated release date for our financials. This report to the SEC is extensive, it must meet very specific requirements for submission, and it must be reviewed by the Division of Corporation Finance at the SEC in order for us to become registered with the Commission.
"As we are desiring to become a listed stock, we are filing for a full registration with the SEC which takes significantly longer than the abbreviated registration filed by most Bulletin Board companies. My anticipation was that it would be completed and visible on EDGAR by this time, but this is our initial reporting to the SEC and I greatly underestimated the length of time required to complete the process.
"I feel the shareholders have a right to know the numbers. Therefore, tomorrow we will release both the audited 1997 balance sheet and a proforma for the foreseeable future. I appreciate the shareholders' patience thus far. With our immense growth comes inevitable adjustments and challenges which we are diligently working on. We are aware of the shareholders' concerns and trust the upcoming reports will assuage those concerns."
Mr. Monas concluded by addressing a recurrent shareholder question. "We are not entertaining the idea of a reverse split. We do not feel this is necessary for the future success of the Company, nor do we feel this is in the best interest of the shareholders.
"We are, however, vitally interested in maintaining our rate of growth and continuing to increase the profit margins in our recurrent revenue streams. We will soon be implementing even more efficiency measures and will be reporting results of efforts to increase IT placements."
Firamada, Inc. (OTC Bulletin Board: FAMH - news) is a national staffing company specializing in providing high-end temporary staffing, Information Technology (IT) placements, employee leasing and permanent placement personnel. Firamada's staffing locations include New York, Texas, Arizona, Missouri and California. Additionally, Firamada underwrites outside payroll financing for other staffing companies and re-insures workman's compensation plans. Firamada, Inc. also is co-producing the upcoming nationally syndicated Morton Downey, Jr. Television Talk Show.
This press release contains forward-looking statements with respect to the results of operations and business of the Company that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission. |
