Aviation Distributors Inc. Appoints New Audit Firm; Achieves Record Sales and Restructures Senior Management.IRVINE, Calif.--(BUSINESS WIRE)--Nov. 19, 1997--Aviation Distributors Inc. (Nasdaq:ADIN Adin (ā`dĭn), in the Bible, family that returned from Exile. ) (ADI) Wednesday announced the appointment of the Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . accounting firm to undertake an audit of the company's financial results at Sept. 30, 1997. In addition, because the company's former auditor resigned and withdrew its opinion on the company's previously issued financial reports, Grant Thornton LLP will undertake the audit of the required prior periods and render its opinion on those periods. Because of the withdrawal by the former auditor of its reports from the company's financial results, trading in the company's common stock was halted by Nasdaq on Sept. 2, 1997. The company's common stock was delisted from the Nasdaq Small Cap Market on Oct. 2, 1997. The company's management will take the necessary steps to enable public trading in its common stock upon completion of the required audits by Grant Thornton LLP. "We anticipate the new audited financial statements will demonstrate our continuing strong revenue growth of the company and that past accounting issues have not adversely affected its financial condition," stated Kenneth Lipinski, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. company officials, ADI is experiencing a significant increase in sales. "Sales for the nine months ended Sept. 30, 1997 surpassed the previously reported revenue for all of 1996 and have exceeded our own expectations for 1997," stated Jeffrey Ward, executive vice president. "New opportunities are being developed with major airlines on a joint venture basis that have long-term potential for significant growth for the company." The company also announced that founder and chief executive officer, Osamah S. Bakhit voluntarily agreed to focus his full time on building the company's sales, bulk purchase transactions and worldwide joint venture opportunities. In this regard, Bakhit has relinquished re·lin·quish tr.v. re·lin·quished, re·lin·quish·ing, re·lin·quish·es 1. To retire from; give up or abandon. 2. To put aside or desist from (something practiced, professed, or intended). 3. his responsibilities as chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and director of the company. "I look forward to this opportunity to become more directly involved with our customers and contributing to the continued growth of ADI," stated Bakhit. "I am one hundred percent committed to expanding this company's worldwide opportunities of partnering with major airlines and building the company's revenues." Bakhit also voluntarily agreed to place his shares of the company into a voting trust A type of agreement by which two or more individuals who own corporate stock that carries voting rights transfer their shares to another party for voting purposes, so as to control corporate affairs. , which provides to the trustee the exclusive right to vote Bakhit's shares. The voting trust expires on Jan. 1, 2000, but can be reviewed by the company within one year to determine the necessity of continuing the trust arrangement. The company has commenced search for a replacement CEO. In the interim, all executive decisions for the company are being made by an executive committee, consisting of Bruce H. Haglund, chairman of the audit committee and a member of the board of directors; Kenneth A. Lipinski, chief operating officer; Jeffrey G. Ward, executive vice president; and Gary R. Peacock peacock or peafowl, large bird of the genus Pavo, in the pheasant family, native to E Asia. There are two main species, the common (Pavo cristatus), and the Javanese (P. , vice president. "We are pleased that Osamah Bakhit will continue to devote all his efforts in the areas of building additional customer relationships, pursuing bulk sales and purchase opportunities and joint venture relationships with major airlines," Haglund said. "His strength is in building strong working relationships with our customers, providing creative solutions and approaches to new business endeavors and motivating a very capable sales force to concentrate on the company's business opportunities, while administration and operating issues confronting the company are being resolved by others." In a related matter, Mark W. Ashton resigned his position as chief financial officer and as director of the company. The company has filed these announced changes with the Securities and Exchange Commission on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . Aviation Distributors provides outsourcing services to major commercial airlines worldwide. The company is one of the world's 10 largest aircraft part redistributors and inventory- management service providers, with agents in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Jordan, Indonesia and Chile. The company's headquarters are in Irvine. CONTACT: Aviation Distributors Inc., Irvine Kenneth Lipinski, 714/586-7558 or Coffin Communications Group Steven Johnson There are several well-known people called Steven Johnson.
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