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COMPANY: FSGI Corporation Jason L. Lents, President/CEO 3150 E. Highway 34 Suite 177 Newnan, GA 30265 OTC BB: FSGI Fiscal Year End: 9/30 S&P Listed 22 employees Transfer Agent: Florida Atlantic Stock Transfer, Inc. DTC Eligible Public Float: 540,000 Shares Outstanding: 1.3 million FSGI, through its wholly-owned subsidiary, Financial Standards Group, Inc. (FSG), provides auditing services to the credit union system at the most competitive prices possible. Credit union regulations stipulate that the supervisory committee is required to ensure an audit is performed annually, but regulations do not require that a CPA firm performs this audit. FSG is not a CPA firm, and performs non-certified, comprehensive annual audits that meet all credit union regulation requirements. Since a CPA firm does not perform the audit, the fees are much more competitive than most CPA firms. FSG utilizes a unique credit union auditing process that emphasizes efficiency and effectiveness while ensuring superior quality. FSG completes audits in three to five days, with minimal disruption to the credit union. At the conclusion of the audit, FSG provides a timely audit report to the credit union's supervisory committee, the board of directors and management. All of FSG's comprehensive annual audits are supervised or reviewed by management staff who are experienced in credit union auditing. The comprehensive annual audits are designed to satisfy regulatory requirements and are designed to be "user friendly" and help operating personnel become more efficient and productive. As a credit union grows in size and complexity, and management takes on increased responsibilities, internal audits function as a control designed to assist management in ensuring that the credit union is able to accomplish its goals and objectives. FSG designs audits to focus on the most common types of embezzlements committed in credit unions and to identify them at an early stage. A fraud review includes extensive compliance testing of internal control procedures and will identify areas where controls are not being followed or need to be implemented. In addition, FSG can provide credit unions with assistance in substantiating bond claims by ensuring the bonding company that the full extent of fraud is properly and accurately reported. FSG's qualified loan auditors/reviewers are trained to review credit loan policies and help management monitor this critical area. FSG has approximately twenty professionals in eight states: Kentucky, Louisiana, Mississippi, Michigan, Hawaii, California, Georgia, and Florida. Each state is staffed with a manager and staff who posses extensive credit union knowledge and experience. FSG currently services approximately 500 credit unions. These clients range in asset size from approximately $500,000 to over $175,000,000. FSG anticipates having over 1,000 credit union clients within 18 months and 2,000 credit union clients within 36 months. FSG is the largest and only public credit union auditing company in the United States. FSG is on track to break even for the 12 month period ending December 31, 1998 and be profitable for the fiscal year 9/30/99. On July 31, 1998 FSGI began trading on the OTC Bulletin Board under the symbol FSGI. | ||||||||||||||
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