Here is what I emailed investor relations and the responses I received. This was within 10 minutes. They seem to be trying to do some damage control, but I'll let you make you own opinions.
My INITIAL EMAIL:
What is going on at S3? Does the management not value
following through on their statements? This seems to be a recurring themewith the management.
The management has touted their addition of supposedly
top notch additions to their team, but this appears not to have changed the direction in follow through. On or around October 15? In the last statement below they
say by the end of October! Not even close to the 15th.
Please do not release statements unless you are able to back them up.
Examples of statements:
Aug 6, 2008
"We are very pleased with the progress that has
been made on the company's
annual financial reports, and look forward to their
completion in
September," stated Jim Bickel, chairman and chief
executive officer of S3.
"Achieving fully reporting status is an important
milestone, which we
believe will help the company attract greater
attention in the U.S. public
markets and provide opportunities for us to upgrade
several aspects of our
public company operations."
Oct. 1 2008
"The company will include the annual reports with
audited financials for
the 2007 and 2008 fiscal years as part of a Form S-1
Registration
Statement expected to be filed on or around October
15, 2008"
Oct 15 2008
"While both our internal staff and our contracted
independent auditors
have completed virtually all of the work required to
complete the
financial reports, there are still a few remaining
auditing issues that
require attention," commented S3 Chairman and
Chief Executive Officer Jim
Bickel. "We are committed to completing the
financials so that the Form
S-1 Registration Statement can be filed as soon as
possible, and we expect
to have that accomplished by the end of October."
Their 1st response:
The expected dates changed.
My response:
Just like before. They will probably get filed in 2009 the way S3 is going.
Their 2nd response:
It appears that management expects to have them filed by the end of this month, assuming that all auditing issues have been addressed by then.
Auditors are by nature independent from the company, so the timeframes for audited financials are expected to be somewhat fluid.
AI
