He better shall visit India... they have nice temperatures over there. A mate from me is just going there...
News:
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Tuesday August 14, 3:53 pm Eastern Time
Aremissoft says key India executives resign
NEW YORK, Aug 14 (Reuters) - AremisSoft Corp. (NasdaqNM:AREM - news), which has been facing questions over various contracts it has in India, said on Tuesday that key members of its India operations had resigned.
AremisSoft, which makes software for the manufacturing, hospitality, healthcare and construction industries, said Alex Eapen, senior vice president of its India software development facilities, and key controllers of the company's India-based corporate accounting group had resigned. AremisSoft also said MC Mathews, president of its Emerging Markets Group, had left the company.
The news follows a number of critical reports in The New York Times, calling into questio???value of certain contracts that AremisSoft said it had won in India. The company's trading has been halted on Nasdaq since July.
``The company ... is concerned that important financial documents relating to its emerging market business could be missing,'' Roys Poyiadjis, chairman and chief executive officer of AremisSoft said in a statement.
``The company is vigorously pursuing the recapture of such information and has retained Deloitte & Touche for its global forensic accounting capabilities to assist management in this effort.''
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Tuesday August 14, 3:25 pm Eastern Time
Press Release
SOURCE: AremisSoft Corporation
AremisSoft Reports Additional Resignations Retains Forensic Accounting Capabilities of Deloitte & Touche
Comments on SEC Investigation and Second Quarter Reporting
NEW YORK--(BUSINESS WIRE)--Aug. 14, 2001--AremisSoft Corporation (NASDAQ:AREM - news), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, announced the resignation of MC Mathews, President of the Emerging Markets Group, as well as the resignations of Alex Eapen, Senior Vice President of India Software Development Facilities, and key controllers of the Company's India-based Corporate accounting group.
Roys Poyiadjis, Chairman and CEO of AremisSoft stated, ``The Company, in its effort to close the second quarter financial statements, provide its independent auditors PKF with additional information and respond to the SEC investigation currently underway, is concerned that important financial documents relating to its emerging market business could be missing. The Company is vigorously pursuing the recapture of such information and has retained Deloitte & Touche for its global forensic accounting capabilities to assist management in this effort. However, the Company does not believe that it will be in position to file a timely report of Form 10-Q for its second quarter, and at the present time cannot estimate when it will be able to file the 10-Q.
``We have begun the process of centralizing operations in Minneapolis, the headquarters of our Fourth Shift operation, which will enable us to work globally on a seamless basis. David Latzke, Chief Financial Officer, will direct the centralization process to establish company-wide systems, procedures and safeguards in our financial and human resource operations.''
Mr. Poyiadjis emphasized, ``We have not seen an impact on our western world business from these developments and our key managers, along with Deloitte & Touche, are conducting on-site examinations of our Emerging Markets Group locations.''
Dr. Paul I. Bloom, President and Chief Operating Officer, said, ``A global management team, empowered by the Board, continues to focus on key growth opportunities to further stimulate the Company's future prospects. We remain committed to our growth strategy which is based on leadership in vertical application software markets, leverage of low-cost research and development and focused growth in select emerging markets.''
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports....[shortened]
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AremisSoft Drops Suit vs. TheStreet.com
By George Mannes
Senior Writer
8/14/01 3:13 PM ET
AremisSoft (AREM:Nasdaq - news - commentary) Tuesday withdrew a lawsuit accusing TheStreet.com Inc. (TSCM:Nasdaq - news - commentary), the publisher of this Web site, of manipulating the software maker's stock price as part of an illegal conspiracy.
thestreet.com |
