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S3 Investment Company Board Issues Statement Regarding Dismantling of TSPartner Acquisition and Re-Statement of Assets
02/25/2005 10:10
S3 Investment Company's (OTCBB: SEIH) Board of Directors today issued a statement announcing plans to unwind the acquisition of TSPartner and re-file the Company's 10-Q Quarterly Report, which was filed on February 14, 2005.
The Board issued the following statement: "As a result of recently uncovered intentional misrepresentations and misstatements by management of TSPartner, the Company anticipates resubmitting its recent 10-Q Quarterly Report with a $1,636,705 write down of net assets with a corresponding reduction of unrealized gains. We expect to have this filing completed within one week.
"Virtually all of the information produced by TSPartner during our due diligence process, which was relied upon for both the acquisition and to calculate our per share net asset value in the 10-Q Quarterly Report, was fraudulent. Greg Dawson has resigned from TSPartner and returned the S3 Investment Company stock that had been included as part of the acquisition. All stock that had been tendered to TSPartner management has been forfeited and the entire transaction will be unwound. We intend to pursue action against those involved in this deception."
About The Company
S3 Investment Company Inc. (http://www.s3investments.com) is a Business Development Company regulated by the Investment Company Act of 1940. Its first operating subsidiary, Securesoft Systems Inc. (http://www.securesoftsystems.com), was acquired in April 2003 and has been combined with recently acquired TSPartner to form Secure System Solutions, a security, compliance, business process and professional services solutions company. S3 Investments has also acquired 100 percent of Redwood Capital to participate in the fast-growing investment banking market in China. S3 is currently seeking to acquire additional synergistic companies and is focused on assembling a portfolio of investments that will provide value to its shareholders.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
S3 Investment Company Board Issues Statement Regarding Dismantling of TSPartner Acquisition and Re-Statement of Assets
02/25/2005 10:10
S3 Investment Company's (OTCBB: SEIH) Board of Directors today issued a statement announcing plans to unwind the acquisition of TSPartner and re-file the Company's 10-Q Quarterly Report, which was filed on February 14, 2005.
The Board issued the following statement: "As a result of recently uncovered intentional misrepresentations and misstatements by management of TSPartner, the Company anticipates resubmitting its recent 10-Q Quarterly Report with a $1,636,705 write down of net assets with a corresponding reduction of unrealized gains. We expect to have this filing completed within one week.
"Virtually all of the information produced by TSPartner during our due diligence process, which was relied upon for both the acquisition and to calculate our per share net asset value in the 10-Q Quarterly Report, was fraudulent. Greg Dawson has resigned from TSPartner and returned the S3 Investment Company stock that had been included as part of the acquisition. All stock that had been tendered to TSPartner management has been forfeited and the entire transaction will be unwound. We intend to pursue action against those involved in this deception."
About The Company
S3 Investment Company Inc. (http://www.s3investments.com) is a Business Development Company regulated by the Investment Company Act of 1940. Its first operating subsidiary, Securesoft Systems Inc. (http://www.securesoftsystems.com), was acquired in April 2003 and has been combined with recently acquired TSPartner to form Secure System Solutions, a security, compliance, business process and professional services solutions company. S3 Investments has also acquired 100 percent of Redwood Capital to participate in the fast-growing investment banking market in China. S3 is currently seeking to acquire additional synergistic companies and is focused on assembling a portfolio of investments that will provide value to its shareholders.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.