FISHER BUSINESS SYSTEMS ISSUES STATEMENT
FISHER BUSINESS SYSTEMS ISSUES STATEMENT ATLANTA, July 16 /PRNewswire/ -- Fisher Business Systems, Inc.
(NASDAQ: FBUS), dba Fisher Restaurant Systems, today announced that, to date, the company has not received the anticipated financing in the amount of $1 million which the company had expected to obtain by June 30 through the efforts of the underwriter of the company's initial public offering.
Although management is continuing to pursue potential sources of funding, the company has no commitment from any party to provide financing. As a result of this development, the company's independent certified public accountants have reissued their report on the company's audited financial statements for the year ended Jan. 31, 1992, to include a going concern qualification. In order to reduce its dependency on obtaining new capital and to continue to compete effectively in the marketplace, the company has reduced personnel by 25 persons, or 45 percent, which will result in an immediate savings of approximately $100,000 per month or $650,000 for the remainder of the current fiscal year. Management is continuing to identify and aggressively pursue opportunities to secure additional financing. -0- 7/16/92 /CONTACT: Johnnie M. Engesser, vice president-Finance and Administration of Fisher Business Systems, 404-578-1771/ (FBUS) CO: Fisher Business Systems, Inc. ST: Georgia IN: CPR SU: PER
EA-BN -- AT001 -- 9883 07/16/92 09:04 EDT
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|Date:||Jul 16, 1992|
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