Release Date of 2012 Annual Financial Statements
22 Mai 2013 - 5:29PM
OTC Markets
Contact
Information:
The Stephan Co.
1850 W. McNab Rd.
Ft. Lauderdale, FL 33309
Mail to:
steverolle@thestephanco.com
Steve Rolle, Chief Financial Officer
954-971-0600
The Stephan Co. Announces
Release Date of Annual Financial
Statements
Fort Lauderdale, Florida – May
22, 2013 - The Stephan Co. (the “Company”) (OTC Pink
Market: SPCO) today
announced that the year ended December 31, 2012 Audited Financial
Statements of the Company will be posted on the Company's web site
before the end of July 2013.
The Company's audit is
proceeding normally.
The audit was not commenced until May, 2013, after the normal audit
season. The Company
purposely commenced the audit after the normal audit season, in
order to obtain more favorable audit fees.
As reported on its Form 10-K
for the Year Ended December 31, 2008, the Company has been engaged
in the defense of two litigation matters.
Trevor Sorbie International,
Plc. (“TSI”) instituted litigation against the Company in March 2007, by a case styled Trevor Sorbie
International, Plc. v. Sorbie Acquisition Co. (Case No.
05-14908-09), filed in the Circuit Court of the 17th Judicial
Circuit in and for Broward County, Florida. The trial for this matter was
concluded on May 9, 2013 and a decision of the Court is expected
within sixty days. The
Company is unable to predict the outcome of the
litigation. In the
litigation, TSI sought to collect against the Company a judgment
TSI has against Sorbie Acquisition Co. (“SAC”, a subsidiary of the
Company). The
judgment, totaling approximately $2,000,000 with interest to date,
derived from an October 25, 2004, Pennsylvania arbitration award in
favor of TSI and against SAC with respect to certain royalties and
interest due. The
lawsuit alleged fraud and named as additional defendants The
Stephan Co., Trevor Sorbie of America, Inc. and Sorbie Distributing
Corporation, also subsidiaries of the Company. The
financial statements for the Company for the year ended December
31, 2011, reflected a liability of $620,000 relating to the
litigation. The
Company is not able to predict what, if any, damages the Court may
award against it.
Shaheen & Co., Inc.,
instituted litigation against the Company in July 6, 2005, by a
case styled Shaheen & Co., Inc. v. The Stephan Co., (Case No.
05-15175) filed in the Circuit Court of the 17th Judicial Circuit
in and for Broward County, Florida. The trial for this matter was
concluded on May 14, 2013, closing arguments are to be submitted in
writing by May 29, 2013 and a decision of the Court is expected
within sixty days. The
Company is unable to predict the outcome of the
litigation. In
the litigation, Shaheen & Co., the owner of a building formerly
leased by the Company in Danville, Illinois, sought damages of
approximately $1,500,000, consisting of physical damages to the
building and rent due through the expiration of the lease that
Shaheen & Co. alleges was wrongfully terminated by the
Company. The Company
maintains that it had a right to terminate the lease on 90 days
notice. Mr. Shouky A.
Shaheen, a minority owner of Shaheen & Co., Inc. was formerly a
member of the Company's Board of Directors and is a significant
shareholder of the Company. The Company is not able to
predict what, if any, damages the Court may award against
it.
Michael Smith, President and Chief Executive Officer of
the Company, further stated: “The Company looks forward to posting
its audited statements for year ended December 31,
2012. With the
conclusion of the two legacy litigations, management will be able
to devote all its time and efforts to growing the Company's
business.”
About The Stephan Co.
The Stephan Co. (OTC Pink Market:
SPCO) is the manufacturer of beauty and grooming products and has
been serving beauty and barber industry since 1897. The Company’s web site
is
www.thestephanco.com.
Certain statements and information included in this press release
constitute “forward-looking statements” within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. When used
in this press release, the words or phrases “will likely result,”
“are expected to,” “will continue,” “is anticipated,” “estimate,”
“projected,” “intend to” or similar expressions are intended to
identify “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks, known and unknown, and uncertainties,
including but not limited to economic conditions, dependence on
management, our ability to compete with competitors, dilution to
shareholders, and limited capital resources.
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