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STAT-TECH ANNOUNCES INTERNAL INQUIRY INTO 1989, 1990 FINANCIAL STATEMENTS; 1991 AUDIT TO BE DELAYED; CHAIRMAN, INTERIM CEO & COO NAMED

     STAT-TECH ANNOUNCES INTERNAL INQUIRY INTO 1989, 1990 FINANCIAL STATEMENTS; 1991 AUDIT TO BE DELAYED; CHAIRMAN, INTERIM CEO & COO NAMED
    PUEBLO, Colo., Jan. 21 /PRNewswire/ -- Stat-Tech International Corporation today announced that its Annual Reports on Form 10-K filed with the Securities and Exchange Commission for fiscal years ended Sept. 30, 1989 and 1990 contain financial statements which the company's independent accountant advises were not audited.  The company's board of directors has been advised by the auditor that the financial statements included in the 1990 Form 10-K were not audited by the auditor, and that the accompanying audit opinion was neither rendered, prepared or signed by the auditor.  The auditor also advises that the financial statements for fiscal years ended 1989 and 1990 may be materially inaccurate.  The company is conducting an inquiry as to this situation.  In addition, the company's Form 10-K for the fiscal year ended Sept. 30, 1991, due to be filed with the Securities and Exchanged Commission on Jan. 13, 1992, has been delayed because of these circumstances.  The company is having an audit performed for fiscal years ended 1989 through 1991.
    The company also announced that, effective Jan. 16, 1992, Myron A. Wick III, of McGettigan, Wick and Co., Inc., of San Francisco, Calif. has been named to the company's board of directors as an outside director.  He also has been named chairman of the board and the board's Audit and Investigative Committees.  Wick was named to the board pursuant to the company's agreement with Proactive Partners, L.P., a private investor in the company.  Raynard M. Fenster remains as president.  However, pending the completion of the company's inquiry, responsibilities of the chief executive and chief operating officer have been assumed on an interim basis by A.M. Skip Marson, a business management consultant.  Marson, who during the past quarter has been a consultant to the company, was formerly president and chief executive officer of Lesney Products Corporation, a manufacturer and distributor of "Matchbox" toys in North America.
    The company further stated that it will have no further ongoing public comment.  All communication will be made through company press releases and SEC filings.
    Stat-Tech International Corporation is engaged in the application of advanced electroconductive materials for the control and elimination of electrostatic charges.
    -0-             1/21/92
    /CONTACT:  Skip M. Marson of Stat-Tech, 719-543-5005/ CO:  Stat-Tech Corporation ST:  Colorado IN: SU: FC -- NY016 -- 1660 01/21/92 09:09 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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