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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON? -- Ignore unavailable to you. Want to Upgrade?

To: Ed Swanson who wrote (4057)	10/7/1998 10:42:00 AM
From: Mr. K	Respond to of 6931

Here's an interesting tale from another thread re fully reporting status: A while back my partner and I were considering taking our company public. Our books have been watched over by a CPA for the last 5 years. We have an excellent Corp attorney that has taken many companies public and knows exactly what it takes. I will tell you what he told us regarding the financials. First, our CPA said though he is familiar with our books and SEC requirements in general, he does not have the expertise necessary to do the actual audit, plus it has to be done by an accredited form. He does know the right people to do it and if he works closely with them, the audit could be done in about 90 days, but if that time span carried us into another quarter then additional time would be needed to add that last quarter to meet the timelyness requirement. (I won't even go into the cost here, but it AINT cheap!) Our atty said once the audit is completed he could fill out the necessary forms and such in a matter of a week or so, hire the firm necessary (and required) to electronically transmit the info. He said inevitably the SEC comes back with remarks on how they would like to see a little something worded a little different or have a few questions about the numbers. Anyway, he said to expect to do at least two submittals and probably three....all in all expect it to take a minimum of 90 days and possibly longer. He said that even though he has taken dozens of companies public and knows well what they want and how they want to see information reported, it is a virtual impossibility to get total acceptance with the initial submittal. Now, I know nothing of the bookeeping of JAWS and how it has been done or whatever, what I am telling you is what I have been told by a very knowledgable person. If you desire to speak to him I will give you his name and phone number in a PM.

To: Ed Swanson who wrote (4057)	10/7/1998 10:55:00 AM
From: Coz	Read Replies (1) \| Respond to of 6931

I just spoke with JJ at TSIS (888.546.2957) in order to clear up some of the murkiness surrounding the issue of becoming fully reporting. He assured me that they will get their audited financial numbers within a month, and as soon as they have them, they will submit the necessary paperwork to become a fully reporting company. Also spoke briefly about stock prices and earnings. The next quarter should will probably only show a small increase in earnings, but the quarter following that will show large gains. These gains depend on MCI and AT&T. I hope this helps. Coz