$tacks Upon $tacks Of Moolah

[sludgehound]

SOSO delays again

This line is just too damn precious! Jeez even a $20 hooker
knows how to arrange herself! Amateurs turned Pro...ouch.
Grow a new set guys.

officials responded by saying that previous quarters were
"repositioning" quarters,

News for 'SOSO' - (Nashua, N.H.-based computer storage software company delays earnings report)

May 17, 2005 (The Telegraph - Knight Ridder/Tribune Business News via COMTEX)
-- NASHUA -- Storage Computer Corp., a provider of computer storage software
systems, announced Monday that it is postponing reporting its financial results
and filing required documents with the Securities and Exchange Commission
because it cannot afford to finish its audit process. It is the second straight
year the company has delayed its report.

The company is delaying the filing of its Form 10-Q, which would contain its
quarterly financial report, for the first quarter that ended March 31.

The company did the same thing a year ago. On March 31, 2004, the company
announced a delay in announcing audited financial results for the quarter and
year ending Dec. 31, 2003. The delay resulted from the company's inability to
secure new financing and the resulting lack of financial resources to complete
the 2004 audit.

The delay in announcing financial results and the filing of Form 10-Q for the
first quarter ended March 31, relates to the same lack of financial resources as
discussed above.

The company has previously received a "going concern opinion" from its auditors
due to recurring losses and negative cash flows from operations which raises
substantial doubt about the company's ability to continue as a going concern. A
going concern opinion means that an auditor has serious doubts about a company
being able to continue to operate, usually due to financial problems.

The company is continuing to pursue new financing sources, but company officials
said they don't know if they will be able to do so. Even if new financing is
obtained, company officials said, it could result in significant dilution to
existing shareholders.

"As previously reported, if we are not successful in obtaining new financing the
ability of the company to continue to operate as an independent company in
serious doubt," according to the company's statements released Monday.

The past few years have been difficult ones for the company. In November, the
company said its third-quarter revenues were less than $100,000. Storage
Computer has also had a number of layoffs and has made pay cuts over the past
few years.

In April 2004, auditors Sullivan Bille P.C. said Storage Computer was in
jeopardy based on its fourth-quarter results. Storage Computer's revenue took a
big hit and losses were up past the million-dollar mark during the quarter.

At the time, company officials responded by saying that previous quarters were
"repositioning" quarters, and that the company was in a position to grow as it
develops new products.

By Eileen Kennedy

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http://www.nashuatelegraph.com

Copyright (c) 2005, The Telegraph, Nashua, N.H.