SLEU issued a press release on January 11, 1999 announcing their intention to be fully reporting when their 1998 audit was completed at the end of February 1999. Since then, there has been no information from the company updating this time table. I have searched the Edgar web site and can find no evidence that they have filed anything with the SEC. I sold my stock some time ago, partially because of their non reporting status. While I do not anticipate that the financial statements will make for pleasant reading, the mere act of filing with the SEC would help establish the credibility of the company.
I was also concerned that the company was under financed and that they were attempting to develop the site without expending any significant resources. While that is normally perceived as a virtue by shareholders, several Internet years have passed since the beginning of 1999 and their window of opportunity is fast closing. Having said that, I continue to monitor the stock and this thread hoping to find a reason to buy back my position. The January 11, 1999 press release follows:
go2net.newsalert.com
iSleuth.com Announces Plans to Become Fully-Reporting Company; Company
to File Form 10 with SEC Following Completion of Year-end Audit
PR Newswire - January 11, 1999 08:17
FORT LAUDERDALE, Fla., Jan. 11 /PRNewswire/ -- iSleuth.com (OTC Bulletin
Board: SLEU) today announced plans to become a fully reporting company
with the expected filing of a Registration Statement on Form 10 with the
Securities and Exchange Commission to register its securities under
section 12(g) of the Securities Exchange Act of 1934. The Company
reported that it intends to make such filing following completion of its
year-end audit, which is expected to be concluded during February 1999.
On the effective date of the Registration Statement, the Company will
become subject to the reporting requirements of the Securities Exchange
Act of 1934 and will begin filing regular quarterly and annual reports
with the Securities and Exchange Commission. The Company noted that it
currently has approximately 4.3 million common shares outstanding,
including a public float of approximately 2.7 million shares.
Commenting further, John J. Bennett, Chairman, President and CEO of
iSleuth.com, noted, "As we continue to develop the iSleuth.com Web site
into one of Internet's premier one-stop searching, shopping and
information portals, we also recognize the need to better inform our
shareholders and the investment community as to the status and growth of
our business. We expect our impending status as a fully-reporting entity
to also greatly improve our visibility among investors and lay the
groundwork for further opportunities to enhance shareholder value."
iSleuth.com owns and operates the iSleuth.com Web site,
isleuth.com, home of The Internet Sleuth, considered by many
leading industry experts to be one of the Web's premier and most
powerful search engines. The Company recently announced plans to launch
a free e-mail service, iSleuthMail, as well as free chat services, which
are expected to be launched prior to the end of January 1999. The
Company has also recently announced the formation of an alliance with
major Internet player Inktomi Corporation for the development of a new
comparative e-commerce shopping service at the iSleuth.com site, called
the iSleuth Marketplace.
The iSleuth site and search engine was originally founded in 1995 and
operated initially as a non-commercial site designed to meet the needs
of institutional and educational researchers. It was acquired by
iSleuth.com during mid-1998, at which time the Company embarked on its
current program to accelerate its commercial development. The Company's
business plan calls for continuing to build on its current foundation to
further develop the iSleuth.com site into a premier Internet gateway
that will serve as a home base for Internet users.
Statements about the Company's future expectations, including future
revenues and earnings, and all other statements in the press release
other than historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. The
Company intends that such forward-looking statements be subject to the
safe harbors created thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
SOURCE iSleuth.com
/CONTACT: Barry A. Rothman of B. Alan Associates, 561-483-7743, for
iSleuth.com/
/Web site: isleuth.com |
