Here's the other article by the same guy:
Sulja Brothers Timeline of Financial Audit Broken Promises
Thomas J. Catino
11/17/2006 5:00 PM EST
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Below is part of our ongoing coverage of Sulja Brothers Building Supplies Ltd. (OTC: SLJB) which has yet to release audited financials despite management’s many promises to do so.
November 17
Sulja Brothers CEO Petar Vucicevich stated today that a new CEO update will be posted on the Sulja website by 4 EST. CEO Vucicevich said the update would inform shareholders on the present situation. However, the deadline passed without any update from the company. At the time of publication, a company representative could not be reached for comment.
November 16
With the deadline for the release of audited financials passed, investors sold shares of Sulja Brothers in droves this morning. Yesterday, Sulja shares also traded lower, down $.015, or 14.29%, to close at $.09 on 21 million shares traded. However, it could have been worse if it was not for traders opening up their wallets and buying shares in anticipation of an after hours release of audited financials that was still thought to be in the works. Unfortunately, those speculative bets turned out to be nightmares. After no audited financials were released, shares of Sulja Brothers tanked, gapping lower to open at $.055 before investors who could not get their sell orders filled, pushed the stock even lower as they raced to get out of Sulja as quickly as possible. In early afternoon trading, the stock is down $.051, or 56.67%, at $.039 on record volume of 136.67 million shares. Besides the broken promise of releasing financials by the set date of November 15, what is really adding insult to shareholders is The Windsor Star article written by Gary Rennie who conducted an interview with CEO Petar Vucicevich. In the story released today, Vucicehich, admitted he "was questioned last week by the RCMP." The article continues with Vucicevich saying "the officers who questioned him told him it was a routine investigation because the price of the stock had shot up from zero early this year to around 12 cents a share in recent trading." In a nutshell, the article shot down whatever credibility the company had left and sparked fears that Sulja would be subject to a trading halt. In an early afternoon press release, CEO Vucicevich fought back and tried to refute the negative perception Rennie's article created. He added that the company would release its audited financials "as soon as is practicably foreseeable." At this time, a Sulja Brothers representative would only comment by saying that the financials should be out "very soon" and that the company was looking into statements posted on its website.
November 15
Reacting to investor concerns and general skepticism from the investing public, Sulja Brothers announced on November 3 that its Board of Directors set a "date-certain" to release audited financials. CEO Petar Vucicevich further stated that the process has "taken much longer than anyone here could have possibly imagined." With the deadline today, and no word from the company as of the close of trading, investors are again expressing skepticism that Sulja could yet again delay the release of its audited financials that would help add legitimacy to the PinkSheet company. The stock fell further on heavy volume, especially towards the close of trading. Sulja shares finished lower by $.015, or 14.29%, to close at $.09 on 21 million shares traded, but it could have been worse if it was not for traders opening up their wallets and buying shares in anticipation of an after hours release of audited financials that still could be in the works. We will have some analysis and commentary on the financials as soon as they are out. However, most would agree that another disappointment is not accounted for in the current stock price and another delay will tarnish the company's reputation and stock price further. Either way, expect a crazy ride tomorrow as trading should be active and volatile.
November 3
Reacting to investor concerns and general skepticism from the investing public, Sulja Brothers announced minutes ago that its Board of Directors has completed the in-house review of their financial audit and has also set a "date-certain" to release the information. CEO Petar Vucicevich further stated that the process has "taken much longer than anyone here could have possibly imagined." That is surely an understatement, but investors should overall be pleased that the company has now set November 15 as an absolute deadline for public release of the financials. In recent days shares have been hit hard, falling below its 50-day moving average to hit a morning low today of $.085 on heavy volume, as investors sold out based on another delay of audited financials last week that would have helped add legitimacy to the PinkSheets company. With a firm date set in stone, and with the understanding that Sulja will deliver, selling pressure should ease and the stock should rally from here.
November 1
Sulja Brothers stock is in danger of falling below its 50-day moving average of $.11 in early afternoon trading, albeit on light volume. The downward pressure on Sulja shares is due to shifting investor sentiment as investors became more skeptical of Sulja after it yet again delayed the release of its audited financials last week that would have helped add legitimacy to the PinkSheet company. With another disappointment not accounted for in the current stock price, another delay could damage the company's reputation and stock price further. If shares breach support that it has held above since its late July run, look for support at the $.10 or $.08 level.
October 25
This morning, Sulja Brothers announced that its Board of Directors has received the company’s financials and reviewed them over the weekend. The financials have not been made public because there were some issues with the wording because of problems in translation. CEO Vucicevich stated today, "Due to the end of Ramadan and the celebration of Eid this week, we have not been able to make necessary changes with our auditors in the Middle East. Releasing the financials without giving them prior notice and making the changes would not be a good idea. I would like to state again, that we are in possession of the financials at the moment, but we do need to make these changes before we release them. If not corrected it would lead to a lot of confusion among our shareholders and we definitely do not want that."
Judging by management’s track record, the company has often broken its promises in regards to releasing audited financials. On September 25, Sulja Bros. announced there would be a slight delay in posting the audited financials as stated in previous press releases in order to “conform with proper accounting practices.” Also, on September 13, Sulja Bros. reported that “the company financial audit is nearing completion” and anticipates “having the audit stamped this week." However, the timetable was not met and the audit never released.
CEO Vucicevich concluded today’s statement by saying that “we have no intentions of keeping the financials private, we are only waiting to make it more transparent. We will release them as soon as all necessary corrections are made." Well then, enough already! Simply release the financials when ready instead of wasting shareholder money to issue a press release each time to make an excuse for why the release of financials will be delayed. Shareholders deserve better. These kinds of tactics, often seen in the over the counter market, ruin the company’s credibility and professionalism and hurt the trust of patient Sulja shareholders in management.
Full Disclosure: The author does not have a vested interest in shares of Sulja Bros. Building Supplies.
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