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CIRO, INC. ACCEPTS RESIGNATION OF PRESIDENT AND CEO

 NEW YORK, April 5 /PRNewswire/ -- Ciro, Inc. today accepted the resignation of Jack Levine, formerly president, chief executive officer and a director of the company. He has been in that position since 1990. The company is searching for a new CEO. In the interim, a newly formed executive committee of the board of directors which is composed of four independent directors, will oversee the day-to-day operations of the company in consultation with Abraham Gold, the chairman of the board. Mr. Levine's resignation resulted from a lack of confidence of the board related in part to recent disclosures by Mr. Levine that he had filed and been discharged from personal bankruptcy in 1987, prior to his employment by the company.
 The audit committee of the board has raised questions regarding the accounting treatment of a single franchise transaction recorded in 1991, the effect of which will be to reduce net income by between $98,000 and $398,000. Additionally, the company's auditors are reevaluating the accounting treatment of area franchise sales transactions of the company and are expected to report to the board of directors in the near future. In 1991 area franchise sales, in addition to the previously described transaction, were $1.6 million. This review may result in a deferral or capitalization of previously recognized income.
 -0- 4/5/93
 /CONTACT: David Ross of Ciro, Inc., 305-773-6475/


CO: Ciro, Inc. ST: New York IN: SU: PER

TM -- NY067 -- 3267 04/05/93 20:27 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
Words:246
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