YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp Message Board

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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp

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To: Adrian du Plessis who wrote (199)	6/26/1998 8:08:00 AM
From: Mr Metals	Read Replies (1) of 314

YBM Magnex International Inc - Deloitte & Touche resigns as auditors YBM Magnex International Inc YBMShares issued 44,222,9011998-05-13 close $14.35Friday Jun 26 1998Mr. Guy Scala reports YBM Magnex International has been advised by Deloitte & Touche LLP that it will not be able to report on the company's 1997 financial statements, and that it has resigned as the company's auditor. In accordance with Deloitte & Touche's recommendations, the audit and finance committee of the board of directors engaged outside legal counsel and a U.S. based investigative firm experienced in forensic work on an international scale to investigate the concerns identified by the company's auditor. The report, which found no evidence of illegal activity by the company, was delivered to Deloitte & Touche on June 3, 1998. The company notes that no reference was made by Deloitte & Touche to the 1996 audit conducted by Deloitte & Touche, and has been advised by the auditor that the 1996 unqualified audit has not been amended or revoked. The company notes that the customer base and accounting practices of YBM did not change materially from 1996 to 1997. In its letter, Deloitte & Touche states that, "We have concluded, based on the questions and issues which remain after our review of the report and the lack of competent auditable evidence, that it is unlikely that sufficient additional audit procedures could be performed which would reduce to an acceptable level the risk of material misstatement in YBM Magnex International, Inc.'s financial statements for the year ended December 31, 1997 due to error or fraud." The company is extremely disappointed by the actions of Deloitte & Touche. The company is interviewing suitable candidates to act as a replacement auditor in an effort to obtain an audit of its 1997 financial results and the resumption of the trading of its common shares. YBM continues to carry on its business operations in the United States and internationally. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com MM

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