TEMECULA, Calif., Oct. 20, 2004 (PRIMEZONE) -- S3 Investment Company (OTCBB:SEIH) today announced that the Company intends to file its year-end financial statement by the end of October and expects to remain current on its reporting requirements. As a result of significant management and operational changes over recent weeks, S3 Investment Company was unable to file its 10K Annual Report with the Securities and Exchange Commission within the prescribed time period. Until the Company's financial reporting is brought current, its stock will trade under the symbol SEIHE.
Chris Bickel, Chief Executive Officer, commented, "Management intends to work around-the-clock, if necessary, to complete and file our 10K report. We expect to have the "E" removed from our trading symbol shortly after the filing is made and continue trading on the Over-the-Counter Bulletin Board. Recent changes, including a transition to a new management team, have significantly impacted the Company's ability to complete and file its 10K in a timely manner, but we are firmly committed to rectifying this issue and keeping S3 Investment up to date on all future SEC filings.
"We realize that the Company has, in the past, allowed SEC filings to become delinquent, which can impact shareholder confidence and the value of its stock. In addition to our focus on building long-term value in the Company's portfolio, current management will ensure that filings and all other compliance issues are handled properly and within proscribed timeframes. Despite the delay in the 10K filing, management continues to believe that S3 Investment Company has turned a corner and that shareholders will see improvement in the Company's performance and growth in its portfolio," added Mr. Bickel.
Company Profile
S3 Investment Company, 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. S3 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.