Ashford.com Announces Resolution of SEC Accounting Investigation.Business Editors/Hi-Tech Writers HOUSTON--(BUSINESS WIRE)--June 11, 2002 Ashford.com, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of GSI Commerce, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GSIC GSIC Government of Singapore Investment Corporation GSIC Group Successive Interference Cancellation ), today announced the resolution of the Securities and Exchange Commission's investigation into Ashford.com's accounting for certain agreements with Amazon.com (NASDAQ:AMZN AMZN Amazon.com (NASDAQ symbol) ). Under the terms of the settlement, Ashford.com agreed, without admitting or denying the SEC's allegations, to cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist"). from committing or causing any violations of the anti-fraud provisions, the reporting provisions and the books and records provisions of the federal securities laws. The cease and desist order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. relates to conduct by Ashford.com and two of its executives prior to the acquisition of Ashford.com by GSI Commerce on March 14, 2002. The SEC investigation was previously disclosed by Ashford.com. The cease and desist order is not directed at GSI Commerce and will have no material impact on the financial condition or operating results of GSI Commerce. The settlement is described in SEC Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Release 17550, dated June 10, 2002. Forward-Looking Statements All statements made in this release, other than statements of historical fact, are forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "would", "should", "guidance", "potential", "continue", "project", "forecast" and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce and the industry and markets in which the company operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward- looking statements. Factors which may affect GSI GSI - Gensym Standard Interface Commerce's business, financial condition and operating results include the effects of changes in the economy, consumer spending, the stock market and the industries in which GSI Commerce operates, changes affecting the Internet, e-commerce and direct response marketing, the ability of the company to maintain relationships with strategic partners and suppliers, the ability of the company to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of the company to attract and retain qualified personnel and the ability of the company to successfully launch new businesses and integrate acquisitions of other businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q and other reports and statements filed by GSI Commerce with the Securities and Exchange Commission. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise specifically stated by GSI Commerce. |
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