News,
Firamada Continues Efforts to Restore Shareholder Confidence
July 17, 1998 12:00 PM
LOS ANGELES--(BUSINESS WIRE)--July 17, 1998--
Company Withdraws Previous Management's Press Release of May 8, 1998
Firamada, Inc.'s FAMH new management today took another step in restoring accountability by withdrawing a Company press release issued on May 8, 1998.
The May 8th press release was issued by the former President of the Company. This press release listed financial data for 1997 and six-year pro forma projections.
Firamada has determined that the 1997 numbers used in the May 8th release cannot be substantiated at this time. The Company is, however, in the process of validating the information required to complete the audit of Firamada's 1997 financials.
Additionally, due to Firamada's focus on its core business and its recent divestiture of unrelated business ventures, reliable pro forma projections cannot currently be made. Therefore, the six-year projections from the May 8th release have also been withdrawn and will be replaced at a later date with new projections based on verified past performance and deliverable expectations.
Firamada's new management is continuing to make what it considers are the changes necessary to return value to the Company's shares and financial bottom line.
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.
COMPANY INFORMATION
Firamada, Inc. FAMH is a national staffing company specializing in providing high-end temporary staffing, Information Technology (IT) placements, employee leasing and permanent placement personnel. Firamada currently operates staffing locations in New York, Texas, Arizona and California. Firamada, Inc. additionally underwrites outside payroll financing for other staffing companies and re-insures workman's compensation programs.
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