Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : U.S. Digital Communications (USDI) -- Ignore unavailable to you. Want to Upgrade?

To: CRay33 who wrote (287)	10/24/1998 12:11:00 PM
From: jackie	Respond to of 308

There has been a lot of news lately. Release of financials, getting new auditor, etc. They appear to be getting their ducks lined up. Will take some time. Here is latest news release: Friday October 23, 6:00 am Eastern Time Company Press Release SOURCE: US Digital Communications Inc. FCC Certification Granted to Iridium Service Provider Project 77 Washington, Oct. 23 /PRNewswire/ -- US Digital Communications Inc. (OTC Bulletin Board: USDI - news) announced today that its subsidiary, Project 77 Corp., has been granted an application for international Section 214 certification with the Federal Communications Commission (FCC). The grant of authority was effective Sept. 23, 1998, and assigned file number ITC-214-19980811-00558. The grant for authority is an International Telecommunications Certificate, enabling Project 77 to operate global facilities and offer worldwide resale services. Project 77 is a service provider for Iridium North America. The FCC action gives Project 77 the authority to operate as a facilities-based carrier in accordance with the provisions of Section 63.18(e)(1) of the FCC rules and also to provide service in accordance with the provisions of Section 63.18(e)(2) of the rules. ''The grant of authority places Project 77 one step closer to providing our global niche markets with cutting-edge satellite communications technology,'' says Charles C. Maynard, CEO of U.S. Digital's International Satellite Group (INSAT). ''Our industry segments, which include Fortune 100 companies, media, oil and mineral exploration concerns, government offices and disaster recovery operations, have shown a great interest in the Iridium product line, as well as Project 77's added-value features.'' The Iridium system, which is scheduled to begin full commercial service Nov. 1, 1998, will combine the worldwide reach of 66 low-Earth-orbit satellites with land-based wireless systems. It will enable customers to engage in any type of telephone transmission-voice, paging, data and fax-anywhere on Earth, at any time. US Digital Communications Inc. is a telecommunications company that specializes in technologies for corporate and consumer applications. INSAT markets and distributes a full range of telecommunications services through Project 77 Corp. and Skysite Communications Corp. INSAT is headquartered in Washington, D.C., at 1575 Eye Street, N.W. US Digital Communications Inc. maintains offices in Burbank, Calif., and Washington, D.C., under the leadership of Robert J. Wussler, chairman of the board. SOURCE: US Digital Communications Inc. More Quotes and News: U.S. Digital Communications Inc (OTC BB:USDI - news) Related News Categories: government, telecom

To: CRay33 who wrote (287)	10/27/1998 8:55:00 AM
From: Pirate	Read Replies (1) \| Respond to of 308

Hey SeaRay - too much of a coincidence! A friend suggested that I take a look at this stock, and Voila - here you are again. This must be a great stock??? Have earnings been released? Where's the best place to go for some dd on this company? Can't find much in my usual places.... Stuff on this thread seems sparse and aged. EDIT ------------------------------------ NEVER MIND! Just went to Edgar and found this - Arthur resigned as their accounting firm, that's scary - any comments? ITEM 4. CHANGES IN THE REGISTRANT'S CERTIFYING ACCOUNTANT. On September 30, 1998, the Company's auditors, Arthur Andersen LLP ("Andersen"), resigned as the Company's independent accountants. The change in accountant is a result of Andersen's resignation and was not recommended or approved by the Board of Directors, nor was such approval required in order to give effect to the resignation. The Company has not yet appointed a new independent accountant. Andersen had issued an unqualified report, dated September 1, 1998, on the consolidated financial statements of the Company and its subsidiary as of and for the year ended December 31, 1997. That report, however, was not released by the Company and on September 30, 1998, Andersen withdrew the report. Andersen's resignation and withdrawal was not related to the financial statements. Further, there were no disagreements between the Company and Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure or reportable events during such periods or through the interim period ended September 30, 1998 (date of resignation). Andersen has advised the Company that at the time of its resignation, it was preparing to issue a management letter with comments and suggestions for consideration related to the Company's internal controls. This letter was to contain a reference to material weaknesses in the Company's internal controls over financial reporting for the year ended December 31, 1997. However, Andersen had expanded the scope of its audit to take account of the weaknesses in internal control so as to be able to issue an unqualified report and its resignation and withdrawal of the report were unrelated to the Company's financial reporting for the year ended December 31, 1997. Management of the Company believes that it has begun to address the issues during 1998 with the employment of qualified personnel in key financial reporting positions. On September 17, 1998, the Company became aware that persons affiliated with the Placement Agent used by the Company during its Series B and C stock offerings in 1998 are currently under Federal indictment concerning matters unrelated to the Placement Agent's relationship with the Company.