STAT-TECH'S AUDITOR ADVISES COMPANY THAT 1991 FINANCIALS AND OTHER RELEASED FINANCIAL DATA MAY BE MATERIALLY INACCURATE
STAT-TECH'S AUDITOR ADVISES COMPANY THAT 1991 FINANCIALS AND OTHER
RELEASED FINANCIAL DATA MAY BE MATERIALLY INACCURATE
PUEBLO, Colo., Jan. 28 /PRNewswire/ -- Stat-Tech International Corp. today announced that its financial statements included in the Form 10-Q quarterly reports for 1989 through 1991, which are on file with the Securities and Exchange Commission, as well as other financial information which the Company has released may be materially inaccurate. The company auditor has previously advised the company that the financial statements for the fiscal years ended 1989 and 1990 may be materially inaccurate. A previously announced company inquiry will be expanded to also include the 1991 financial data.
The company also announced that Raynard M. Fenster has decided, in light of the ongoing inquiry, to resign as president of the company and as a member of the company's board of directors. He will remain as a consultant with Stat-Tech, focused on developing the company's technology.
The company also said it continues to conduct its business under the leadership of A.M. Skip Marson, who assumed the responsibility of interim chief executive officer and chief operating officer on Jan. 16, 1992. Marson has been a consultant to the company during the past quarter, having been introduced to the company by a recent private investor group in Stat-Tech.
Myron A. Wick III, chairman of Stat-Tech, said, "Mr. Marson brings an experienced background in manufacturing and distribution to Stat-Tech and we are fortunate to attract an executive of his caliber to the company during this uncertain time."
Stat-Tech International Corporation is engaged in the application of advanced electroconductive materials for the control and elimination of electrostatic charges.
/CONTACT: Skip Marson of Stat-Tech International, 719-543-5005/ CO: Stat-Tech International Corp. ST: Colorado IN: SU: SH -- NY017 -- 4058 01/28/92 08:54 EST