NEW YORK, Aug. 14, 2012 /PRNewswire/ -- Beneficial Holdings Inc. PINKSHEETS: (BFHJ ) -- Beneficial Holdings Inc. (BFHJ) today reports that it has completed a preliminary review of matters, including financial matters and operations. In addition, it has reviewed its plans for the future and has determined that it will engage an approved firm to commence a full and formal audit of its operations. It is anticipated that completion of such audit will result in any necessary filings with the Securities and Exchange Commission. The goal of BFHJ is to become a Fully Reporting Company in compliance with all rules and regulations of the Securities and Exchange Commission. It is further anticipated that, subsequent to such event taking place, it can then proceed forward with its overall business plan, which has been in the offing for the past several months.
BFHJ apologizes to its shareholders for its lack of frequent updates. However, new management prefers to avoid errors made by others in their announcements as to the intentions and products of their respective companies. Yes, BFHJ's plans and intention involve creation of value with a significant degree of stability and a basis upon which it will be poised for significant growth in the future. In keeping with this, there must be advancement from its current position in the pink sheet market. Becoming a Fully Reporting Company, is viewed as a first step in the right direction and a distinction from a good number of companies in the same market. A determination to avoid premature statements and hyperbole is another decision made, with one result being to issue this press release at the appropriate time, after much thought and review.
Gregory N. Senkevitch, President and CEO stated, "The inherent nature of the Company's historic operations, prior to change in management, has made a review of matters a bit more complex than originally anticipated. Our efforts will be to have a clear picture of the Company's recent historical results provided within a timeline that is reasonable. Since prior historical results were not audited, on a timely basis, the desired action and result of (a) undertaking the audit (b) implementing the necessary measures and (c) changing to a Fully Reporting Company will take time. However, it is believed that the resulting new status of the company will provide for a much better environment within which to proceed forward."
The Management of BFHJ
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this press release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: Our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries.
All information in this release is as of August 15, 2012. The Company does not undertake a duty to update forward-looking statements, including its projected operating results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment community.
Beneficial Holdings Inc.
SOURCE Beneficial Holdings Inc.