CARLSBAD, Calif., June 7, 2004 (PRIMEZONE) -- S3I Holdings, Inc. (OTCBB:SEIH) today announced that the Company has filed a Quarterly Report on Form 10-Q with the Securities and Exchange Commission. In connection with the filing, the company has also announced the rescinding of an investment agreement and cancellation of share issuance. The shares will be cancelled and returned to the Company's transfer agent.
Pursuant to cancellation of a loan agreement, which had previously required pledge of 16,438,358 shares of the Company's stock as collateral, shares were returned to treasury for cancellation.
Wayne Yamamoto, CEO of S3I Holdings Inc., commented, "The rescinding of these shares will reduce the number of shares outstanding and is designed to enable the Company to move forward with our goal of developing substantial revenues in our first portfolio investment company and building additional shareholder value over the next 12 months through a series of planned strategic acquisitions. We believe we are taking the appropriate steps to achieve this goal and look forward to announcing recent progress in the operations of Securesoft Systems, our first operating subsidiary."
Company Profile
S3I Holdings, Inc. (http://www.s3i.us) is a Business Development Company regulated by the Investment Company Act of 1940. Its first operating subsidiary, Securesoft Systems, Inc. (http://www.securesoftsystems.com), was acquired in April 2003 and is a leader in compliance and risk management software, services and Internet technologies for regulated industries. S3I Holdings is currently seeking to acquire additional synergistic companies and is focused on assembling a portfolio of investments that will provide value to its shareholders.
This release contains forward-looking statements which involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, regulatory interpretation, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.