Friday April 16, 8:55 am Eastern Time
Company Press Release
Carnegie International Corporation Reports on
10-KSB Filing
BALTIMORE--(BUSINESS WIRE)--April 16, 1999--Carnegie International Corporation
(OTC BB: CAGI) stated today, as previously reported in its April 1, 1999 press
release, that it had extended the date for filing its first annual report for fiscal 1998 on Form 10-KSB with the Securities
and Exchange Commission due to accounting comments received from the SEC on March 29, 1999.
Carnegie said that the company and its auditors are in active discussion with the SEC, that the issues have not as yet
been fully resolved, and, as a result, it was unable to file the report on the extended due date. The company further
said, however, that it anticipates the accounting issues will be resolved shortly, and that the report will be filed
promptly thereafter.
Lowell Farkas, Carnegie's president and CEO, said the remaining issues related primarily to accounting for the
company's issuance of shares of stock in connection with two 1997 acquisitions. Farkas stressed that any required
adjustments to Carnegie's financial statements would result in net income being charged with increased amortization
of good will, but would not adversely impact the company's revenues or cash flow. He also said any such
adjustments would ''have no effect whatsoever on Carnegie's operations or financial health.''
Carnegie International Corporation (OTC BB: CAGI) is an Internet support and computer telephony holding company
with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI. Its MAVIS
(Multi-Language Automated Voice Independent System) is a breakthrough in speech recognition-driven automated
attendant/ voice mail systems, using proprietary IVR (interactive voice response) software to recognize/respond to
callers. Along with Paramount, Carnegie subsidiaries include: RomNet Support Services, Inc., an Internet, e-business
and technical support services company, Profit Through Telecommunications (Europe) Ltd. (PTT), a
telecommunications software company providing business solutions utilizing proprietary speech recognition, touch
tone and bar code responses to send and/or receive information; ACC Telecom, a leading reseller of equipment and
business telephone systems from Comdial (NASDAQ: CMDL), SONY® (NYSE: SNE), and Sprint® (NYSE: FON),
and Voice Quest, Inc., a developer and provider of speech recognition and voice mail technologies and products.
This release may include information that could constitute forward-looking statements made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed
within the forward-looking statements. Factors that could cause or contribute to such differences include those
matters disclosed in the Company's Security and Exchange Commission filings.
Contact:
Carnegie International Corporation, Baltimore
Lowell Farkas
+(410) 785-7400
lfarkas@carnegieint.com
or
The Kaminer Group, White Plains, NY
David A. Kaminer
+(914) 684-1934
dkaminer@kamgrp.com
More Quotes and News:
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Related News Categories: computers, internet, telecom
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