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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: myturn who wrote (10017)	11/19/1998 9:30:00 AM
From: DOC	Respond to of 25711

FSGI news out and it looks like a winner, Thursday November 19, 8:30 am Eastern Time Company Press Release SOURCE: FSGI Corporation FSGI Corporation Announces Agreement For The Acquisition Of Credit Union Auditing And Accounting Company ATLANTA, Nov. 19 /PRNewswire/ -- FSGI Corporation (OTC Bulletin Board: FSGI - news) announced today that it has reached an agreement to acquire the largest credit union auditing and accounting firm in Georgia. According to Jason Lents, President & CEO of FSGI, ''FSGI has reached an agreement in principle to acquire the largest credit union auditing and accounting business in the state of Georgia. The company is currently performing auditing and accounting services for approximately 75 credit union clients in the state of Georgia.'' Mr. Lents went on to state, ''the signing of the purchase documents should be completed by Monday, November 23. We are extremely pleased to make this acquisition since it is our first since we went public in July, 1998. Also, the acquisition was made using only restricted common stock. As a result, we are able to increase our revenues without affecting the market for the next 24 months.'' Mr. Lents also stated, ''FSGI's progress is still on track as was exhibited by our third quarter results. Specifically, FSGI's net loss for the third quarter was approximately $64,000 compared to the approximate $95,000 loss for the second quarter, In addition, we believe the fourth quarter will be less than half the amount reported in the third quarter.'' FSGI Corporation, through its wholly owned subsidiary, Financial Standards Group, Inc. (''FSG''), is the largest provider of professional auditing, accounting and related services offered exclusively to credit unions. Currently, FSG has offices in eight states and performs over 500 credit union audits nationwide. With the Georgia acquisition, FSG will increase its credit union client base by approximately 15%. FSG's goal is to bring superior non-certified auditing and accounting services within reach of all credit unions. Financial Statements in this press release other than historical facts are ''forward-looking'' statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. SOURCE: FSGI Corporation