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Microcap & Penny Stocks : EDII -- Ignore unavailable to you. Want to Upgrade?

To: Janice Shell who wrote (1549)	6/18/1998 10:14:00 PM
From: jhild	Read Replies (1) \| Respond to of 2849

Came across this article about Intile Designs back on 8/11/97. It looks like this is where it fell from grace and was scooped up by EDII. Public firm ousts officers in tax dispute Jennifer Darwin Stockholders of Houston-based Intile Designs Inc. ousted the company's president and board of directors last week after controversy developed over the underreporting and underpayment of taxes. A number of local taxing entities have begun investigating the company's actions, and the repercussions from the discrepancies could force Intile Designs to file for bankruptcy, the firm says. Company shareholders removed all three directors -- company President C. William Cox, Edward Paul and Walter Rae -- and elected three replacements. G.C. Siller Jr., who has been vice president and general manager of Intile Designs for two years, was named a director. According to company information, Siller had been a director from about the time he was hired in 1995 until Feb. 4, 1997, when he resigned the post. The new board's first action was to oust Cox and company secretary Barbara Cernan. Siller was appointed to serve as both president and secretary of the company. Siller would not comment for this story. The executive shakeup was attributed to a recent revelation by Cox to the company's accounting firm, BDO Seidman, that Intile Designs had underreported the taxable value of personal property in Texas and Georgia. After an investigation, BDO Seidman said it found "significant amounts of underreporting of personal property taxes" and detailed them in filings with the U.S. Securities and Exchange Commission. [MORE] amcity.com