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SOUTH POINTE ENTERPRISES EXPLAINS 10-K FILING DELAY

 CRANSTON, R.I., Sept. 20 /PRNewswire/ -- South Pointe Enterprises, Inc., the adult entertainment company, whose common shares and warrants are presently listed in the National Quotation Bureau's "Pink Sheets" under the symbol STPN, today reassured shareholders that the delay in filing its Form 10-K with the Securities and Exchange Commission, for the fiscal year ended May 31, 1993, does not reflect any operational difficulties within the company.
 Carl Bruno, director of investor relations, said South Pointe had notified the SEC that its new auditors, named late in July, could not conclude their audit and issue their report on its original due date given the date of their engagement and the complexity of the accounting issues raised as a result of the acquisition of North Star Distributors, Inc. He said the company had made the change in auditors to give support to its pending application to list its securities on the NASDAQ system.
 Mr. Bruno reminded shareholders that while South Pointe is a development stage company experiencing the growing pains of a newly reporting entity, North Star, its operating division, has a solid history as a privately held, profitable company. He said North Star, which was acquired in November 1992, did have profitable operations in fiscal 1993 and that its sales are up over last year. He expressed the belief that, "After the auditors complete their review of expenses associated with the November acquisition and relocation to the new Cranston facility, we expect to report a net profit for the year."
 -0- 9/20/93
 /CONTACT: Carl Bruno, director of investor relations of South Pointe Enterprises, Inc., 401-941-8808, or David L. Rosenstein of Public Interest Marketing, 212-966-0024, or (evenings) 212-534-5879/
 (STPN)


CO: South Pointe Enterprises, Inc. ST: Rhode Island IN: ENT SU:

TS -- NY045 -- 3572 09/20/93 10:37 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
Words:300
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