Sometime over the summer we should see the first filings from SIVC. By then their balance sheet should look awesome with one or two more reverse merger deals closed.
Remember SIVC was a fully reporting company until not that long ago. All they need to do is file a sold 10q's and 10k's. Much harder to become fully reporting for the first time as opposed to just getting current on your back filings like SIVC.
Also, they received full funding for 2008 from Kensington Cross. As part of that funding SIVC agreed to become fully reporting.
The first thing I look for is did that company give out the name of their auditors. There's a whole screening process that takes place when an auditor decides if they want to take you on as a client. Auditors are cautious/accountants and they move slow deciding if they want you as their client. More so after Enron....If a company is serious about filing/uplisiting they should be hiring the auditors early in the process like SIVC did.
February 20, 2008 - 10:18 AM EST
S3 Investment Company Retains Auditors and Compliance Officer to Begin Efforts to Achieve Fully Reporting Status and Re-Listing on the OTCBB
S3 Investment Company, Inc. (PINKSHEETS: SIVC), a holding company with two subsidiaries doing business in the China market, today announced that it has engaged an auditing firm to conduct audits of its subsidiary businesses in China as part of its efforts to achieve fully reporting status and reinstatement to the Over-the-Counter Bulletin Board (OTCBB) market.
Samuel H. Wong and Co. LLP, a leading certified public accounting firm with offices in the United States and Asia, has initiated work to audit S3's SINO UJE subsidiary and is expected to perform an audit of S3's Redwood Capital subsidiary as well. Samuel H. Wong and Co. is familiar with S3 and its subsidiary companies, having conducted the audit for Redwood Capital's reverse merger client, Dalian Chuming, which was successfully acquired by a U.S. public company in a reverse merger transaction in January 2008.
In addition to the subsidiary audits, S3 has hired a compliance officer to manage the process of completing and filing the audited financial reports required to file for an OTCBB listing. The audited financials to be filed are expected to include annual reports for the 2006, 2007 and 2008 calendar years.
With the completed financial reports, S3 has targeted an OTCBB application by September 2008.
"With all of the recent progress that S3 has made, particularly the recent close of the Dalian Chuming transaction, the time has come for S3 to be re-listed on the Over-the-Counter Bulletin Board, and we are pleased to begin the process," stated Jim Bickel, chairman and chief executive officer of S3 Investment Company. "The company has a solid base of financial reporting in its not so distant past, having operated as a fully reporting bulletin board company until late 2006. We do not expect significant difficulties in achieving an OTCBB listing and look forward to progress toward that goal, even as we continue to build a client base for Redwood Capital and support the growth of SINO UJE in China."
S3 recently announced that it had received a financing commitment that results in the company being fully funded for 2008. The funding covers all corporate expenses for the 2008 calendar year and would eliminate the need for any equity transactions to finance S3 operations for the year. As part of the financing terms, S3 committed to completing the audited financial reports required to file for an OTCBB listing.
AI
