Sulja Bros. Building Supplies Ltd. Releases Update on Audit
WINDSOR, ON, Sep 25, 2006 (MARKET WIRE via COMTEX) -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) releases updates to shareholders on the delay of the audit.
Sulja Bros. today announced that there will be a slight delay in posting the audited financials as stated in previous press release in order to conform with proper accounting practices. A company spokesperson stated, "The delay is nothing to worry about, we want to make sure that when the audits are posted they are done properly and make complete sense. Since these audits include North American companies and figures generated from the Middle East operations, we had to make sure that all companies under the Sulja Bros. umbrella operation are taken in consideration. Also, we have to ensure that these final audits meet all necessary standards and legal requirements as stated in all these different regions. We apologize for the delay but we have taken the liberty to decide that posting complete and all-inclusive financials audits would be a better course of action rather than hastening to complete only portions of it.
"We understand the frustration that our shareholders might feel and apologize again for this delay."
A few days ago I stated that the interim financial statements had at least two errors that needed to be corrected before they would be accepted by the SEC.
This is starting to look like the errors that were made on purpose by MEMI about five years ago. The financial statements were sent back to the company and the CEO initiated a 1 for 900 reverse split and then took off with millions of the companies money.If this is a stalling ruse by SLJB the investors stand a chance of losing everything. It would not be the 1st time that this has happened with a pink sheet company.
Ouch that sucks... it's fighting between -12% and -15% loss on the news... i wonder if there are actually any problems... I find this perticlaurly interesting as I'm taking an auditing class right now
"It's not nessicary to be rich and famous to be happy... Just rich"
DeMerchant, you should have checked the interim financial statements and you would have seen right away why the delay. There were at least two blatant errors that would not have been accepted.
This is good read and might remind you why you are in SLJB or seriously considering it.....
This truly is an explosive stock possibility and that fact cannot be argued.
(The daily reads on multiple stock discussion systems say enough about what a highly combustable powder keg SLJB really is)
~ "As the new CEO, Sulja Bros. will continue on the same path that Steve Sulja created. We will not reverse spilt our shares or change the share structure. The company will continue the Middle East growth with the same philosophy of 'Excellence.' Our customers and shareholders are the primary concern. We will strive to close amicable contracts that will increase the size and price per share of the company. I will approach this task with the same conviction as my predecessor.
~ We are clearly not a start-up company, but we are careful about protecting our money invested in a joint venture. The company financial audits will be completed in a couple of weeks. Then a Form 10 will get our company to the OTCBB. Clearly, this is not our final goal. We will seek a NASDAQ listing. The company is making enough net profits to easily justify the NASDAQ move. Our long term investors know we are worth more and within a year, we will give them one of the greatest short term returns in the stock market."
~ "The current outstanding shares are 500 million. There are 362 million shares held by insiders. Of the 362 million insider shares, 162 million are restricted. There are 138 million shares in the public float. The number of inside owners, of 10% of common class shares, decreased after the reverse merger. The increase of outstanding shares from 200 million to 500 million excluded holders of 20 to 50 million shares from insider status.
~ The State of Nevada has received the assets. The balance sheet has been sent to our auditor and we expect to have the audited financials completed in mid-September. We are pleased to update our shareholders of the asset and audit progress. KPMG and Price Waterhouse Coopers will complete the audit and the assets are contained in the upcoming audited financials.
~ A Red Sea spokesperson commented: "The joint venture includes the supply of lumber and other building materials for 3 new developments in Dubai and Abu Dhabi. Sulja Brothers is expediting supply chains to meet the immediate groundbreaking."
Sulja Brothers' growth rate in the Middle East is astounding. This joint venture with Emaar Properties opens up possibilities for more projects in the near future and increases our market share in the Middle East."
~ Sulja Brothers Building Supplies, Ltd. is meeting with Consultech Construction Management and Emaar Properties, in Germany, to finalize a major construction and supply agreement.
A Wessal International Group spokesperson commented: "The deal with Emaar Properties will generate $124 million in revenue over the next 12 months for Sulja Brothers."
~ Wessal International has arranged for private financing of USD 25 million, of investment capital, for Sulja Bros. Building Supplies, Ltd.
A Wessal International spokesperson commented, "We have acquired private financing to secure the vast supplies and materials needed in the rapidly growing operations in the Middle Eastern market. This will necessitate and alleviate the capital required for such an extensive demand for building materials. The capital attained will ensure that Sulja Bros. will not use company shares to raise capital in the near or distant future, and will continue to not only maintain the upward climb towards a high price per share, but to also steadily rise towards a higher market exchange."
"Sulja Bros. initial business reach into the Middle Eastern market is attracting new investors. Wessal International's President, Ahmed Khalil Al-Muslmani, is buying 25% of the company. No more shares are being issued by Sulja Bros; therefore, Mr. Al-Muslmani has to buy in the open market. By law, this press release is the disclosure of Wessal International's offer and buying can commence in the open market immediately.
SLJB announced today that the company is releasing financial information to its shareholders. Sulja Brothers Building Supplies earned $63,047,611.00 during the 12 months from June 1, 2005 to May 31, 2006. The company made $28,371,424.95 gross profit with a $26,023,991.63 in pre-tax profits. Net profits were $15,879,839.69.
"Sulja Bros. had an excellent year and the Middle East projects are already affecting the bottom line. The pro forma estimated revenue is $307,007,451.50 and estimated net profits are $93,951,965.18. The pro forma for the current fiscal year is available for our shareholders to view.** The pro forma numbers will grow as we obtain our market share of the Middle East construction boom." **
~~~ These numbers are worth repeating ~~~
-The 2007 pro forma estimated revenue is $307,007,451.50 - "Plus 350,000,000.00".............Equals $657,007,451.50" - Estimated net profits for 2007 are $93,951,965.18
~ We have decided to remove the middle man in our supply chain. The acquisition of the lumber mill will decrease our finished lumber product costs by over 30%. The decrease in finished product price will make us more competitive in the North American bid process and will increase our market share of projects.** More details will be released after the closing papers are completed. **
~ "We are currently receiving numerous requests for cement in the Dubai region and we are aggressively working to meet our client's needs." Moreover, CEO Steve Sulja stated, "We conservatively expect the sale of the cement in Dubai to reach 180 million dollars over the next twelve months.** Furthermore we are negotiating a continuous and competitive supplier of structural steel.**
CEO Steve Sulja stated: "The cement contract has been finalized, and the contract is officially closed. The contract is for seven million metric tons of cement per year. The cement will be transported to Abu Dhabi, UAE."
Wessal International's President, Ahmed Khalil Al-Muslmani, stated: "Ramada General Contracting is paying an average of USD $50.00 per metric ton. The deal produces yearly revenues of USD $350,000,000. The UAE currently faces a shortage in cement production. We are continuously looking to fill this need."
Wessel International's President, Ahmed Khalil Al-Muslmani, stated, "With input from Middle Eastern contractors and developers, we are building a central location to supply the projects in Dubai. The Design Depot is located in the city of Dubai. The Design Depot will contain the high-end materials needed to complete our resort project and the Dubai projects. The store will also be available to competing contractors. Our depot will contain the internal building materials such as marble and granite for countertops and floors. High end lighting and kitchen fixtures will be used for project interiors. The finest flooring materials will be shipped through our supply chain to the Design Depot.
"The Design Depot will increase our market share of products shipped to the Middle East. The Dubai location is perfect to maximize the revenues and net profit on our projects."
The same model will be implemented in three North American cities, to be named at a later date.
~ A possible Dividend has been mentioned in previous press releases and may be used in the near future.The plan calls for a regular quarterly dividend of .0025 cents (.01 cent pps per yr.) The dividend was mentioned and designed to minimize effects to company profits yet incur maximum damage to the short position in the companies common stock. Consultech and company directors/insiders understand that the money spent on the dividend is necessary to achieve a reasonable fair market share evaluation for all stockholders. Company had stated, "So far, it looks like a matching dividend program from the short sellers. Every dollar the company issues, in dividend form will be matched by the short sellers. If the short sellers refuse to pay the dividend, their identity will be revealed in the 'payment in-lieu paperwork.'
~ From Monday~
Sulja Bros. today announced that there will be a slight delay in posting the audited financials as stated in previous press release in order to conform with proper accounting practices. A company spokesperson stated, "The delay is nothing to worry about, we want to make sure that when the audits are posted they are done properly and make complete sense. Since these audits include North American companies and figures generated from the Middle East operations, we had to make sure that all companies under the Sulja Bros. umbrella operation are taken in consideration. Also, we have to ensure that these final audits meet all necessary standards and legal requirements as stated in all these different regions. We apologize for the delay but we have taken the liberty to decide that posting complete and all-inclusive financials audits would be a better course of action rather than hastening to complete only portions of it.
** It's all just a matter of time-------> Big $$$$$'s ** Posted by: stockprofit2023 In reply to: None Date:9/26/2006 4:54:03 PM Post #of 98205
PLEASE NOTE: The nattering nitpickers and blustering bashers can belch, bicker and barf all they want, there's always a Pooper at every party.......
SLJB is a 50-to-100 Bagger for most of us Longs already. We know the company, we know the people involved, and we don't need to pay $0.50+ per share for post-OTCBB approval shares to see a major winner coming down the Pike.
"..DYODD or DYOBoohoo soon, Booboo.."!!!, and we'll see who gets the spiffiest, niftiest new toys for Christmas this year - very, very soon..!!!
John
ps: How many Pinksheet companies do you know that can get KPMG to accept them as a post-SarOx client..?!? Please let me know right away, if you find another one.....
If you've done your SLJB homework, you'll understand the connection.............
UAE firm to build $43bn Pakistan city
ISLAMABAD: Pakistan gave approval in principle yesterday for Emaar Properties of the UAE to go ahead with a $43 billion project to build a model city near Karachi.
Emaar, which will have 85 per cent equity in the project, will develop two islands, Bundal and Buddo, near Karachi into a city with state-of-the-art facilities, Ashfaque Hasan Khan, an adviser to the prime minister, told reporters.
"It will be just like another Dubai," Khan said later. "It will consist of everything. Residential buildings, theme parks, offices, just about everything."
"We want to build it because it will create new jobs, bring in investment, create new housing and a new city," he added.
Pakistan's Port Qasim Authority will hold 15pc in the form of land, Khan said after a meeting of the Economic Co-ordination Committee, the country's top-decision making body on economic issues.
The project is expected to take about 13 years.
Khan said approval in principal for the project had been given after all formalities were completed. Legal documents would be completed within three months.
Sulja Announces Opening of New Retail Store in East Windsor/Tecumseh
WINDSOR, ON, Oct 16, 2006 (MARKET WIRE via COMTEX) -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) announces the opening of a new retail store aimed at home owners at the retail level. The store has been strategically located in the East end of Windsor in close proximity to our nearest competitors.
CEO Petar Vucicevich stated today, "The new retail store should be fully operational by mid December. It is only a precursor to a larger outlet that will be built around the same area in the spring of 2007." The new store is located near the bustling and upcoming town of Tecumseh which just won a contract for a new stadium and a racetrack. This has promised higher growth in the region and Sulja will be in a position to capture its share of the growing market.
Furthermore CEO Vucicevich stated, "I have been assured by our auditors that we will be in possession of all documents by week's end. With any luck we will have time to review the documents and submit them for our shareholders to review."
"..Hello All… I am writing here to tell you all that I now have in my possession the audited financial statement. I am reviewing the document now, and will release all the information through appropriate channels (including this site) as soon as I am done…Thank you again for your patience.."
Comment by Petar October 20, 2006 @ 3:12 pm ***************************************
15c211 on file. SEC lawyers has everything else ready. Financials and 8K going in this coming week. "...you'se bin tole..."!!!
Sulja Bros. Building Supplies Ltd. Announces Today That the Board of Directors Has Reviewed the Financials
WINDSOR, ON, Oct 25, 2006 (MARKET WIRE via COMTEX) -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) today announces that the Board of Directors have received the 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."
CEO Vucicevich also said, "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."
WINDSOR, ON--(MARKET WIRE)--Nov 3, 2006 -- Sulja Bros. Building Supplies Ltd. (Other OTC:SLJB.PK - News) today announced that the Board of Directors has completed the in-house review of their financial audit, and they have set a "date-certain" to release the information. CEO Petar Vucicevich stated today, "We have collectively agreed that on November 15, the audit will be posted for public inspection on http://www.suljabros.com. We also agreed that we would make every effort to post the document sooner than the 15th (November) if at all possible."
SLJB Reiterates Release Date of Audited Financials as November 15, 2006
WINDSOR, ON, Nov 08, 2006 (MARKET WIRE via COMTEX) -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) CEO Petar Vucicevich reiterated today that the anticipated release date of the audited financial report for SLJB was in fact correct, and that the company and its management are still confident in the 11-15-2006 deadline to publish the report on their website, http://www.suljabros.com.
Vucicevich then again thanked all those interested for their patience during the period in which the report has undergone great internal scrutiny for complete accuracy. "This will clearly define the assets of Sulja Brothers for the fiscal '06 year-end and set the standard of how our efforts will be measured in the future by our shareholders, our partners in business development, and everyone else who has peered into the 'magnifying glass' that this report has seemingly generated," stated Vucicevich.
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