Aztec Technology Freezes Assets of Ahmed Shreateh
Tuesday January 26, 9:10 am Eastern Time
Company Press Release
biz.yahoo.com
BOSTON--(BUSINESS WIRE)--Jan. 26, 1999--Aztec Technology Partners, Inc., (NASDAQ:AZTC - news), a leading single-source provider of information technology business solutions, today announced that it successfully obtained court injunction and attachment orders which effectively freeze the bank accounts of Ahmed Shreateh both in the United States and abroad up to the full amount Aztec paid to purchase Shreateh's company.
Shreateh was indicted last month in Boston for engaging in a fraudulent and deceptive scheme when he sold his company Solutions ETC to Aztec in October. In order to accomplish the sale, he created a second, false set of books and records which misrepresented the finances and size of his company. He was indicted on federal charges of mail and wire fraud and money laundering. Shreateh was arrested in San Francisco on November 12, Shreateh and returned to Massachusetts in December where he remains in custody without bail.
In addition to cooperating with federal authorities in the ongoing proceeding, Aztec has filed a civil suit against Shreateh in federal court in California seeking the return of the $10.8 million Aztec paid for Solutions ETC. According to James Claypoole, chairman and chief executive officer of Aztec, the court orders were entered early enough that the amounts needed to make the Company whole will be available at the conclusion of the criminal and civil cases.
On Thursday, January 14, the federal grand jury in Boston returned a superceding indictment against Shreateh adding two additional counts of fraud in connection with Shreateh's theft of $1 million from another company.
About Aztec Technology Partners
Aztec Technology Partners, Inc. is a ''one-stop'' information technology solutions provider for middle market and Fortune 1000 companies from a broad range of industries. Aztec provides superior client service and value-added solutions to customers throughout the U.S. For more information, please visit the Company's Web site at www.aztectech.com.
This press release contains ''forward-looking statements,'' within the meaning of federal securities laws, that involve risks and uncertainties. All statements herein, other than those consisting solely of historical facts, that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such matters as business strategy, measures to implement strategy, competitive strengths, goals, references to future successes and other events, may be forward-looking statements. Statements herein are based on certain assumptions and analyses by the Company in light of its experience and its perception of historical trends, current conditions and potential future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, events and developments will confirm with the Company's expectations is subject to a number of risks and uncertainties and important factors could cause actual results, events and developments to differ materially, from those referenced in, contemplated by or underlying any forward-looking statements herein, including among others, the continued development and viability of the Company's operations, the Company's success in identifying, completing and integrating acquisitions, the Company's ability to manage its growth, the impact of industry and economic conditions, competition and other factors, many of which are beyond the control of the Company. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.
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Contact:
Ludgate Communications, New York
Nancy Campbell, 212/515-0243
e-mail: ncampbell@ludgateny.com
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