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PROGRAMMING AND SYSTEMS REACHES AGREEMENT WITH THE SEC

 PROGRAMMING AND SYSTEMS REACHES AGREEMENT WITH THE SEC
 NEW YORK, July 1 /PRNewswire/ -- Programming and Systems, Inc. (NASDAQ: PSYS) today announced agreement with the Securities and Exchange Commission for the appointment of David Boxer as Special Agent for the company. This agreement is embodied in an action in the U.S. District Court for Washington, D.C. initiated by the SEC arising out of the SEC's suspension of trading of PSI's common stock on June 18 based on questions as to PSI's financial statements. The suspension expires at midnight tonight.
 At the time of the suspension PSI requested the SEC's audit staff to confirm PSI's financial condition. Boxer, a partner in the New York City accounting firm of M.R. Weiser & Co., as Special Agent will arrange for a prompt accounting of PSI's financial condition and monitor substantial expenditures. PSI fully expects that Boxer's review will confirm the company's financial condition. The company is pleased that the SEC is proceeding in this fashion.
 At about this same time the company's independent certified public accountant, Martin Greenstein, had resigned and had not signed the company's financial statement for inclusion in the company annual report on SEC Form 10-K. As a result the company has yet to file its Form 10-K for its 1992 fiscal year ending Feb. 29, 1992, with the SEC and NASDAQ, although extensions have been requested. In light thereof, NASDAQ has suspended quotations of PSI's common stock. A hearing before a NASDAQ Qualifications Committee on the resumption of quotations is scheduled for July 8. The company stated that after the committee fully understands PSI's situation PSI expects it will allow quotations in the common stock to resume on NASDAQ.
 -0- 7/1/92
 /CONTACT: Eleanor Siegel of Programming and Systems, 212-944-9200/
 (PSYS) CO: Programming and Systems, Incorporated ST: New York IN: SU:


PS-OS -- NY108 -- 5885 07/01/92 16:31 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 1, 1992
Words:313
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