TEMECULA, Calif., Oct. 5, 2004 (PRIMEZONE) -- S3I Holdings, Inc.'s (OTCBB:SEIH) Board of Directors appointed Chris Bickel to the position of Chief Executive Officer at a meeting on October 01, 2004, removing the Interim designation from Mr. Bickel's title. The Board also appointed Theodore C. Tanski as a Director and Kenneth C. Wiedrich as Interim Chief Financial Officer. Shane H. Traveller has resigned as Director and Interim Chief Financial Officer of the company. This information will be set forth in a Current Report on Form 8-K expected to be filed with the Securities and Exchange Commission later this week.
"While a number of proposals are pending shareholder approval at the special meeting scheduled for October 12, 2004, the company is prepared to move forward decisively as S3 Investment Company. The Board recognizes the importance of having the highest possible degree of stability and the most qualified people at the helm in order to build an investment portfolio designed to provide a high degree of return for the company's shareholders," commented Christopher Berlandier, Chairman of the Board of Directors.
"The Board firmly believes that Mr. Bickel has the right mix of management, operations and marketing experience to lead S3 Investment Company, and in consultation with the Board, Mr. Bickel is expected to provide the direction that will result in a strong portfolio of revenue-generating investments," added Mr. Berlandier.
Theodore C. Tanski, a highly accomplished financial and marketing professional with over 30 years of diverse experience in investments and client services, was appointed as Independent Director. Mr. Tanski is currently Executive Vice President and a partner in Beaconsfield Financial Services, Inc., a full service brokerage and investment banking firm. Mr. Tanski has extensive experience in a wide range of financial markets as both an investment banker and broker/dealer that includes underwriting, private placements, corporate financing, financial research, partnership and corporate portfolio management. Prior to his tenure at Beaconsfield, Mr. Tanski worked at Shearson Lehman Brothers where he was Vice President and managed personal and corporate investment portfolios with a focus on International Markets.
Shane Traveller resigned as Director and Interim Chief Financial Officer of the company but will assist the company in an advisory capacity as S3 Investment Company moves forward.
"Mr. Traveller has been an integral part of the company's management team, and we look forward to his continued counsel, especially in the areas of investments and compliance. His resignation and the appointment of Mr. Tanski to the Board were undertaken so the Board would maintain a majority of Independent Directors as mandated by the Sarbanes-Oxley Act," concluded Mr. Berlandier.
Mr. Wiedrich, the new Interim CFO has over 33 years of experience in operational accounting and finance functions in a variety of businesses within the service, construction and manufacturing industries.
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.