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Industrial Enterprises of America Announces New Independent Auditor Friday December 8, 3:59 pm ET
NEW YORK, Dec. 8, 2006 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM.OB - News), a specialty automotive aftermarket supplier, today announced that the Company has retained De Joya Griffith & Company, LLC as the Company's independent auditors, effective immediately. ADVERTISEMENT
De Joya Griffith & Company, LLC will be replacing Beckstead and Watts, LLP (B&W) as Industrial Enterprises of America's independent auditors. B&W's report on the financial statements with respect to the fiscal years ended June 30, 2005 and 2006 contained no adverse opinion. There have been no disagreements with any of the Company's independent auditors to the knowledge of the Company's Board of Directors.
Additional information relating to the change in the Company's independent auditors can be found in a Current Report on Form 8-K which the Company is filing today with the Securities and Exchange Commission.
About Industrial Enterprises of America, Inc.
Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket supplier that specializes in the sale of anti-freeze, auto fluids, and other automotive additives & chemicals. The company has distinct proprietary brands that collectively serve the retail, professional, and discount automotive aftermarket channels.
Contact: Industrial Enterprises of America, Inc. Investors & Public Relations: David Zazoff 212-505-5976
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posted
Looks like De Joya Griffith & Company, LLC serves as independent registered public accountants to audit financial statements for a lot of public companies. Google search the new firm and you'll see... Maybe they wanted to secure a bigger firm for their move to NASD, just a thought...
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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quote:Originally posted by RichBy26: Looks like De Joya Griffith & Company, LLC serves as independent registered public accountants to audit financial statements for a lot of public companies. Google search the new firm and you'll see... Maybe they wanted to secure a bigger firm for their move to NASD, just a thought...
Its required... just like FRPT did.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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quote:Originally posted by RichBy26: Looks like De Joya Griffith & Company, LLC serves as independent registered public accountants to audit financial statements for a lot of public companies. Google search the new firm and you'll see... Maybe they wanted to secure a bigger firm for their move to NASD, just a thought...
Its required... just like FRPT did.
hmmmm, didn't know that. thanks!
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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posted
Nice play today, too bad my order didnt fill this morning at 3.13. I was laughing when it was that low, and then I didnt get in
Posts: 189 | Registered: Apr 2004
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Some new filings today...may want to check them out....lots of info already in Pr's...but just want to re-iterate how this may be a bigger winner than we thought.
On Tuesday, December 5, 2006 at 9:00 a.m. Eastern Time, Industrial Enterprises of America, Inc. (the “Company”) held a public conference call to discuss the results of its first quarter. During the call, John D. Mazzuto, the Company’s Chief Executive Officer and interim Chief Financial Officer, disclosed material information that may not have been publicly disclosed in the past. Mr. Mazzuto projected that the Company could anticipate revenues of $16 million for the second fiscal quarter of 2007, $20 million for the third quarter and over $50 million potentially for the fourth quarter. Additionally, Mr. Mazzuto projected earnings per share of approximately $0.22, $0.33 and $0.50, respectively, for the second, third and fourth quarters of fiscal 2007, before any charges related to derivative securities. ------------------------------------------------
Letter of agreement saying that the auditing firm that no longer works there agrees there were no problem with the company's financials, no disputes:
December 8, 2006 United States Securities and Exchange Commission Office of the Chief Accountant 100 F Street NE Washington, D.C. 20549 Re: Industrial Enterprises of America Dear Sir or Madam: We have read Industrial Enterprises of America, Inc.’s statements included under Item 4.01 of its Form 8-K to be filed on December 8, 2006 and we agree with the statements concerning our firm. Very truly yours, /s/ Beckstead & Watts, LLP
On December 4, 2006 the Board of Directors of Industrial Enterprises of America, Inc. (the “Company”) appointed Mr. Gary Impellicceiri, CPA, to serve as the Company’s Financial Controller effective as of December 4, 2006. For the last five years, Mr. Impellicceiri has served as the Corporate Controller of Union Drilling, Inc., a publicly traded oil and gas company with assets of $190 million and annual revenues of over $140 million. Prior to that position, Mr. Impellicceiri served as senior Auditor in Assurance and Financial Services for KPMG Peat Marwick, LLP and as a Senior Fund Analyst and Staff Auditor for Federated Investors in Pittsburgh, PA.
Wow guys...this ain't no CSHD....we have real successful business coming here... Union Drilling is UDRL on Nasdaq with $14 share price.... -------------------------------------------------
Additionally, on December 2, 2006, Mr. James W. Margulies stepped down as the Company’s Chief Financial Officer effective as of December 4, 2006. Mr. Margulies will now shift his responsibilities to the Company’s Legal and Compliance department. On December 2, 2006, the Company appointed Mr. John Mazzuto to serve as the Company’s interim Chief Financial Officer until a suitable replacement for Mr. Margulies is found. Mr. Mazzuto is currently the Company’s Chief Executive Officer, President, Assistant Secretary and a director, and has been an investor, financial consultant and advisor to a number of mid and small sized firms in various industries. Previously, he was Managing Director of corporate finance of Chemical Bank in New York. Mr. Mazzuto was Group Managing Director of an international merchant bank and was a member of the board of directors of a number of companies.
Hmm...maybe they need to bring a more established CFO? You think possibly it was a dispute? Think again! He stepped down December 2nd, and then on December 4th-5th he purchased 15,500 shares!!!! 15,500
That's not chump change....
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So tell me, for the last five years, Mr. Impellicceiri has served as the Corporate Financial Controller of Union Drilling, Inc., a publicly traded oil and gas company with assets of $190 million and annual revenues of over $140 million. The stock is on the nasdaq and trades at $14...I'd say he has done a good job. But I can also say why would he leave that and go to some stock that is destined to do anything? He wouldn't. I think this information alone is huge! If this hits nasdaq and the projections I don't see why this can't be a $10-$20 stock.
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When looking at the drop the volume does not add up. Shorting must have been going on. Bad mistake by shorty. This is why I will say again, IEAM will be $6 by mid week.
Posts: 282 | From: Atlanta Ga. | Registered: Apr 2005
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Great post Stocktrader22. IEAM should be valued at $10 in my IMO right now. IEAM is soaked in gasoline, a NASDAQ pr would be the match.
Posts: 282 | From: Atlanta Ga. | Registered: Apr 2005
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quote:Originally posted by stocktrader22: Anyone here excited for tomororow?
I am!!! I even followed Repo's lead on friday and went for steak. The girlfriend and I had a wonderful meal at Ruth's Chris Steak House I'm hoping this stock makes this X-mas very sweet:)
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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Allright so what does everyone think about today. The numbers released on Sat. looked pretty good.
Posts: 44 | From: Jupiter | Registered: May 2006
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I missed my entry point on Friday of 3.12, anyone think 3.90 is still worth it?
Posts: 942 | From: Wisconsin | Registered: Jan 2006
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