Here's another companies reitteration of the difficulty in getting financials out. This was submitted to me for posting here.
From: WadeC@emotors.com (Wade, Clifton)
To: rover44778@aol.com (Brady)
Brady,
I don't mean to bother you again, but I thought this press release was
interesting in that it may explains why NETZ audited fin. are taking so long to be released. Please post this info. or parts of this info. on the NETZ thread.
Hope this give some insight to the process of becoming a reporting
company.
*******This info. is to be used as ref. material only not intended to
promote this
stock.******************************************************************
*
Long on NETZ -- CWIII
Thursday May 7, 2:17 pm Eastern Time
Company Press Release
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.''
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