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Technology Stocks : Vari-L (VARL) -- Ignore unavailable to you. Want to Upgrade?

To: Labrador who wrote (2681)	12/5/2001 9:53:53 PM
From: Francois Lavoie	Respond to of 2702

Sifting through the 2001 annual report. Nice looking ! One thing I complained in the past was that they didn't know how to present themselves. It has greatly improved. Just look at the annual report, and the new website. They also included the last 10K in the report. Read this, you might not believe it... == During Mr. Sherman's tenure as President and Chief executive Officer, he traveled extensively on our behalf, visiting suppliers and customers and recruiting sales and other personnel. Mr. Sherman received cash advances from us to pay for some of his expenses on these trips. Our Audit Committee determined that Mr. Sherman failed to adequately document the business purpose for which he had utilized some of the amounts advanced. The Audit Committee then asked Mr.Sherman to provide further information as to the business purpose of his use of the cash advances and for documentation of that use. In response, Mr. Sherman provided additional information and documentation to the Audit Committee. The Audit Committee is currently reviewing, with the assistance of an independent expert retained by counsel for us, the material submitted by Mr. Sherman to determine what amount, if any, he will be required to reimburse us on account of these advances. While the Audit Committee's investigation is pending, we suspended payment of the consulting fees payable to Mr. Sherman pursuant to his Termination and Consulting Agreement with us and suspended further advances to him for the legal fees and expenses he has incurred in connection with the Claims. == Prior to her resignation as our Controller in May of 2000, Sarah Hume made approximately $8,000 in unauthorized charges on one of our credit cards for travel expenses for members of her church. While she has signed a promissory note to repay us, we have not received any payments on that note to date, and Ms. Hume has not fully cooperated with the Audit Committee's internal investigation. Accordingly, the Audit Committee suspended further advances to her for the legal fees and expenses she has incurred in connection with the Claims.