BGI Updates Information on IRS Investigation.AUSTIN, Texas -- BGI BGI Barclays Global Investors BGI Bainbridge Graduate Institute BGI Bureau Gravimétrique International BGI Borland Graphic Interface (File Name Extension) BGI Bridgetown, Barbados - Grantley Adams International , Inc. (Pink Sheets:BGII BGII Baldur's Gate II: Shadows of Amn (computer game) ) today announced that it has received the affidavit prepared by the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ) in relation to the seizure of Company funds. The Company's cash depositing practices are being investigated specifically relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc structuring of deposits to avoid reporting cash. The affidavit and related documents indicate that the IRS has seized approximately $1,000,000 of the Company's approximately $3,000,000 in cash and investments. The Company is fully cooperating with the IRS in the investigation. The Company regularly reports its cash balances and revenue amounts to the public on a quarterly basis through its quarterly financial statements posted on the Company's own website as well as www.pinksheets.com where the Company's stock price is quoted. Additionally, the Company has filed all tax returns in a timely matter and makes timely periodic income tax payments. Statements that BGI may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are inherently unreliable and actual results may vary. Factors which could cause actual results to differ from these forward-looking statements include but are not limited to changes in the competitive marketplace, changes in the regulatory environment and economic conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About BGI, Inc. BGI, Inc. (http://www.bgicorp.com) is a gaming company that designs, distributes and markets sweepstakes-driven gaming products. The Company's primary product -- the Lucky Strike Phone card machine - uses a sweepstakes game as an incentive to sell phone cards. BGI, Inc. was founded in 1994 and has offices in Austin, Texas. The Company currently trades on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets under the symbol BGII. BGI, Inc. 3211 W. Rundberg, Suite 175 Austin, TX 78758 |
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