HOPEWELL JUNCTION, N.Y., Sept. 6, 2005 (PRIMEZONE) -- The following is being issued by L. Frank Urban, the Chairman & CEO of Jordan Kane Floor Coverings Inc. (Pink Sheets:JKFC):
To our Shareholders:
Please accept my sincere apology for not reaching out to all of you sooner. Many of you have called or sent e-mails with questions and comments about our current share price. While most of your feedback has been very supportive, some of you have expressed disappointment and concern. I don't blame you.
This should not be interpreted as my official letter to all of you. It is merely a bridge to that letter. Currently we are going through an extensive review process that will take Jordan Kane Floor Coverings to a whole new level in the way we do business and report our earnings. As all of you know, on July 6th, 2005 we hired a Chief Financial Officer. Together with the transition and planning firm we hired back in May, we have been working very hard to dissect our financials over the past few years in order to evaluate and implement a more accurate accounting method moving forward.
In plain English, Jordan Kane has been using a conventional accounting method for years as opposed to Percentage Completion format which gives us a clearer picture as to what our numbers are on a week to week basis as opposed to waiting until year-end. I must admit that the conventional method is a lot less complicated, but since we started trading as a public company it has become a priority for me to create transparency between Jordan Kane and its shareholders. The best way I know how to do this is to start with the numbers. This is why we hired our first CFO. Michael Killeen's hiring has allowed us to take that very important step backwards that will allow us to take that giant leap forward.
Once again I apologize for the delay in posting our financials. I clearly understand that this lack of information along with shaky market conditions has probably hurt our share price. Out of respect to our shareholders, I would much rather get criticized for the delay than put out numbers that are not 100% reflective of what Jordan Kane's financial situation really is. Not to say that we are not confident in our numbers over the past 10 years we've been in business, but as long as we can do it better we will.
Thanks to each and every one of you for your support and believing in Jordan Kane. We look forward to completing our review within the next 30 Days and hope to have financials available to you shortly thereafter.
Respectfully, L. Frank Urban Chairman & CEO
About Jordan Kane Floor Coverings, Inc: Jordan Kane Floor Coverings Inc. (Pink Sheets:JKFC) supplies and installs commercial floor coverings nationwide for fortune 500 companies by partnering up with manufacturers like Shaw Industries, a subsidiary of Berkshire Hathaway, Mohawk Industries, Triangle Pacific, Armstrong and many other major flooring manufacturers throughout the world. Jordan Kane is establishing itself very quickly by dealing with clients such as: Time Warner, Prudential Securities, Con Edison, Columbia University, Bovis Lend Lease, Marriott Hotels, Cendant Corp., IBM, Crescent Heights, and NBC. These clients recognize the value in Jordan Kane.
For more information please visit our Web site at: www.JordanKane.com This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.