Conversion Solutions Holdings (fka CSHD)

[mnvestor]

Very misleading post by you:
Here is the real info,

Weida Communications Continues to Cooperate with Previously Reported Investigation
Thursday May 12, 5:42 pm ET

Provides Update on Liquidity
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 12, 2005--Weida Communications, Inc. (Other-OTC: WDAC.PK), a U.S. managed telecommunications operator in China, announced that the federal government has voluntarily, at Weida's request, lifted the freeze placed on Weida Communications' operating cash bank accounts. The federal government did not require any concessions of Weida in return for agreeing to lift the freeze on operating accounts. The freeze remains in effect on a certificate of deposit and Weida is continuing its efforts to achieve a complete lifting of the freeze.
The federal government is investigating whether Joseph Zumwalt, ex chief financial officer of Weida, and Anthony Giordano, one of Weida's largest stockholders, engaged in alleged illegal activities in connection with an independent investment entity that they were involved with, which is also a stockholder of Weida. The freeze was originally obtained at the request of federal law enforcement authorities, and not the Securities and Exchange Commission as originally announced, in connection with that investigation.
Weida has also recently received a subpoena from the Securities and Exchange Commission for certain Weida records in connection with the investigation of certain matters involving Weida shares.
The company continues to cooperate with both the SEC and federal legal enforcement in connection with these investigations. The company has also begun its own internal investigation by outside counsel and accountants. Weida wants to reiterate that no charges have been asserted against the company or any additional employees.
The previously announced suspension by the SEC of trading in Weida shares has expired as originally indicated, on May 6th. Weida's securities have resumed trading as of May 7, 2005 in the "Other-OTC" market under its existing symbol.
Weida's current short-term and long-term liquidity has weakened as a partial consequence of recent events. As of April 30, the company had approximately $1.1 million in cash and cash-equivalents on hand. Weida is considering alternative means of obtaining additional private financing, which may take the form of secured or unsecured debt or preferred equity financing.
"We welcomed the investigation of this incident by federal authorities and are pleased they have given it prompt attention and voluntarily lifted its freeze of the company's bank accounts," said Mitchell Sepaniak, CEO, president and chairman of Weida. "We have taken immediate and forceful actions to protect our company and the interests of our shareholders."
Weida will continue to provide updates as more information becomes available.
About Weida Communications, Inc.
Weida Communications is a U.S.-managed company that provides data communication services via satellite to businesses and government agencies throughout China. The company participates in the fast-growing China telecom market through its majority profit sharing interest in and control of the only public company in China holding a license for bi-directional VSAT (Very Small Aperture Terminal) satellite communications services. VSAT is an attractive telecommunications solution in China with its exploding demand for telecommunications, dense urban areas, and extensive mountainous terrain. For more information, visit the Weida Communications, Inc. Web site at http://www.weida.com.

"We welcomed the investigation of this incident by federal authorities and are pleased they have given it prompt attention and voluntarily lifted its freeze of the company's bank accounts," said Mitchell Sepaniak, CEO, president and chairman of Weida. "We have taken immediate and forceful actions to protect our company and the interests of our shareholders."


Some additional info on Sepaniak:
Mitchell Sepaniak, Chief Executive Officer, President and Chairman of the Board

Mitchell Sepaniak has over 20 years of experience leading business and marketing efforts in global markets for enterprise networking, e-commerce and healthcare companies. Prior to joining Weida Communications, Inc. he served as the senior vice president of marketing for Healtheon / WebMD (HLTH) and senior executive vice president of marketing and business development for MedEAmerica Corporation.

Previously, while senior vice president of sales and marketing at Automated Data Processing (ADP), Mr. Sepaniak was responsible for marketing and sales activities with partner banks. He launched ADP’s small business e-commerce product, which enables small businesses to perform cash management functions through the Internet and closed traditional networks.

Mr. Sepaniak also held senior marketing and business development positions at National Data Corporation and Bausch & Lomb. He is a graduate of the University of Denver with a business degree.