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To: GARY P GROBBEL who wrote (32338)	3/24/2005 2:36:24 PM
From: GARY P GROBBEL	Read Replies (1) \| Respond to of 120415

CPSX...1.20 Big 4th qtr...strong year- (BSNS WIRE) Ceramics Process Systems Announces 2004 Results Ceramics Process Systems Announces 2004 Results Business Editors / High-Tech Writers CHARTLEY, Mass.--(BUSINESS WIRE)--March 24, 2005-- Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX) today announced net income of $1 million or $0.08 per basic and diluted share, on revenue of $6.8 million for the fiscal year ended December 25, 2004. This compares with a net loss of $19 thousand, or ($0.00) per basic and diluted share, on revenue of $4.0 million for the year ended December 27, 2003. Grant Bennett, President, said: "Revenue grew by 71% in 2004 as a result of significantly increased demand in our three primary market segments, flip-chip packaging, components for cellular basestations and components for motor controllers. We are very pleased that AlSiC is increasingly viewed by major OEMs as the thermal management material of choice for high reliability applications, particularly in the flip-chip packaging and motor controller segments. In 2004, in addition to experiencing increased demand for existing products, we achieved several new design wins in these segments at current and new customers." "In 2004 CPS carefully managed costs, engaging our customers to work with us in determining underlying demand. By year-end 2004, we had entered into consigned inventory agreements with our major customers covering approximately 75% of our forecasted 2005 demand. These agreements allow us to more efficiently smooth production, which has a positive impact on our costs, but they also may result in greater quarter-to-quarter revenue volatility because CPS does not recognize revenue until customers pick our products from their warehouses. For example, in Q4 2004 customers picked products at a rate slightly higher than they forecast which may dampen Q1 2005 demand accordingly." Looking forward, growth will come from new design wins in existing segments, which are increasing, as well as penetration of new market segments. We are aggressively pursuing both sources of growth. In 2004 we began marketing to and shipped prototype products ordered by customers in several new market segments including high-brightness LEDs, optoelectronics, semiconductor capital equipment, and certain defense applications. We believe our products meet real needs in all of these segments, we anticipate achieving design wins in these segments in 2005 which will lead to recurring production in future years, and we anticipate that these segments will generate significant growth for us over time." "We believe that the broad underlying market trends towards higher speeds and higher densities are and will continue to create increased demand our for thermal management products in many segments of the microelectronics marketplace," said Bennett. Employment at the Company grew in 2004, and at year-end 2004 employment was approximately 30% higher than year-end 2003. Management believes this increase in employment is needed to meet increased demand in 2005 although there is of course no guarantee that increased demand will materialize. CPS develops, manufactures and markets advanced metal-matrix composites for housing and providing thermal management of high-density electronics. The Company's products are primarily used in high-density integrated circuit packaging, cellular telephone basestations, and motor controller modules. This release does contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, a general economic or business downturn in 2005, or a downturn in the electronics industry. -0- T CERAMICS PROCESS SYSTEMS CORPORATION (CPS) (OTC BULLETIN BOARD: CPSX) Year Ended 25-Dec-04 28-Dec-03 ----------- ------------ ------------ Revenues $ 6,842,818 $ 3,993,690 Net income (loss) 1,040,432 ($19,029) Basic and diluted loss per share $ 0.08 ($0.00) Weighted average basic shares 12,293,209 12,293,209 Weighted average diluted shares 12,761,159 12,293,209 Quarter Ended: -------------- Revenues $ 1,956,345 $ 1,423,628 Net income $ 549,439 151,305 Basic and diluted income per share $ 0.04 $ 0.01 Weighted average basic shares 12,293,209 12,293,209 Weighted average diluted shares 12,881,293 12,410,236 T KEYWORD: NORTH AMERICA MASSACHUSETTS UNITED STATES INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS GOVERNMENT DEFENSE HARDWARE TE ECOMMUNICATIONS MANUFACTURING AEROSPACE EARNINGS SOURCE: Ceramics Process Systems Corporation CONTACT INFORMATION: Ceramics Process Systems Corporation Grant Bennett, 508-222-0614 ext 18 President Fax: 508-222-0220 www.alsic.com * end of story *

To: GARY P GROBBEL who wrote (32338)	3/24/2005 2:39:44 PM
From: fistgomer	Respond to of 120415

Here's a prime example from a shell company that I follow.The company has only 1 asset really and that is shares and warrants in a publicly traded company.They have no operations,and only 2 part time employees.Here's what S/O made them say: As of December 31, 2004, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, the Company’s principal executive and financial officers concluded that as of December 31, 2004 there were material weaknesses in the Company’s 5 -------------------------------------------------------------------------------- Table of Contents disclosure controls and procedures that effected the timely providing of material information relating to the Company, as required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, within the time periods specified in the Securities and Exchange Commission’s rules and forms. These items are described in the next two paragraphs. Through the audit process, the Company determined that it had an other-than-temporary impairment in marketable securities. Following recent accounting guidelines, at December 31, 2004, the Company recorded an impairment loss on marketable securities. The Company’s system of internal controls did not identify this adjustment through the course of operations or through the process of preparing the financial statements. Accordingly, this constitutes a material weakness in the Company’s system of internal controls. The Company does not have an audit committee. The absence of that important oversight constitutes a material weakness in the Company’s corporate governance structure. Changes in internal controls There were no significant changes in the Company’s internal controls or other factors that could significantly affect those controls subsequent to the date of the Company’s evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 8B. OTHER INFORMATION