NEWPORT BEACH, Calif., March 29, 2005 (PRIMEZONE) -- ProVision Operation Systems Inc. (Pink Sheets:PVNO) today discloses that the company -- and its former CEO Robert Fletcher -- have been under investigation by legal authorities including an "informal" SEC investigation. The investigations focus primarily on the methods and instruments used for the promotion of investing in the company, acceptance of investors' monies and appropriate use of funds.
The company announced February 25, 2005 the appointment of a new president and CEO, Hassan (Sam) Kassir. Kassir, as the new president and CEO, has been instructed by the board of directors to restructure the company, shut down any of the company's questionable operations, address investors' complaints and apply best management, business, marketing, accounting and public relations practices for the company.
"We need to maximize company assets, reduce its liabilities, focus on immediate revenue streams, cooperate with the SEC and comply with best market practices," said Kassir.
The company board has passed resolutions to prepare the company for and obtain a certified financial audit and make it a reporting company.
Since taking office, Kassir has shut down all questionable operations including several company offices and success centers, restructured the company into a holding company (to be soon named ProVision Holdings, Inc.). It is in the process of restructuring company business operations and short term debt.
At the time when Kassir assumed company leadership, ProVision was in default on more than $10 million in short term debt. As of today, the company has negotiated the reduction of its debt down to nearly $6 million, which more than 50 percent has been negotiated out of default. The company continues to restructure its debt. More investors and debtors have agreed in principle to restructure their debt.
Correction: In its February 25, 2005 press release announcing the appointment of a new company president and CEO, ProVision's press release stated the following in Kassir's biography, "Kassir earned a doctorate in sociology and was advanced to candidacy at University of California, Irvine." The biography should have read, "Kassir completed a doctorate program in sociology and was advanced to candidacy at University of California, Irvine."
About ProVision Operation Systems Inc.
ProVision is a holding company with three principle early stage business enterprises that are involved in the development of franchised local community real estate centers offering seminars, training, online information and real estate marketing (brick and click) solutions, the development of company owned Humate mineral assets into high value Humic and Fulvic Acid products and the development of leisure products and services including yachting.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe," "expects," "projects," "forecasts," "intends," "will," "anticipated," "could," "may" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and subject to the safe harbor created by the act. Except for historical information, all of the statements contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.
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