CARLSBAD, Calif., May 12, 2004 (PRIMEZONE) -- S3I Holdings, Inc. (OTCBB:SEIH) today announced the election of three independent members to its Board of Directors. Shane H. Traveller, Dennis Keating and Art Malone, Jr. have been elected to fill vacancies on the Board as Independent Directors. With these changes, the Company now has a Board consisting of a majority of independent directors.
Wayne Yamamoto, CEO of S3I Holdings, commented, "The formation of a majority independent Board is consistent with the future of the Company as an investment fund and brings S3I Holdings into compliance with the independent Board requirement of the Sarbanes-Oxley legislation. Moreover, S3I holdings believes that a majority independent Board is an important element of good corporate governance. The Board will play a critical role in the evaluation of strategic investments that the Company may contemplate in the future and will assist in determining the overall direction of S3I Holdings."
Mr. Traveller brings an extensive background in service to public companies both as an independent auditor, then later as an officer and director. He is a licensed CPA and sits on the board of directors of three other public companies where he serves as chairman of the audit committee. Mr. Traveller has served in positions ranging from CFO, President and COO of both private and publicly traded companies. As a consultant and independent auditor, Mr. Traveller has been closely involved in the development and implementation of internal controls, management of staff, preparation and filing of countless financial statements and SEC filings. He has led clients through IPO's and secondary offerings, private placements, mergers and acquisitions.
Mr. Keating is the founder of SunRidge Financial Group, an estate and financial planning company, which currently manages over $145 million in client assets. He is the Southwest Regional Compliance manger for 1st Discount Brokerage Incorporated covering New Mexico, Arizona and Southern California. 1st Discount is a national firm and member of the NASD MSRB and SITC. Mr. Keating graduated with honors from the California Polytechnic University, Pomona and has an extensive background in finance, real estate and law.
Art Malone Jr. runs a successful consulting company that consults for public and private companies. He worked with Peritus Asset Management Group, which managed over 100 million dollars, and has served as Chairman of two public companies. Presently, Mr. Malone is the Chairman/C.E.O. of Secured Data, Inc. which trades on the Over-the-Counter Bulletin Board (OTCBB) exchange. Over the last seven years, Mr. Malone has been responsible for introducing over 50 million dollars for public and private companies and has assisted companies in getting listed on several exchanges. He has been retained by Public Companies ranging from the NASDAQ, the Amex and the OTCBB as an advisor and consultant and is a highly sought after motivational speaker, lecturing on the foundations of lasting success.
Company Profile
Founded in 1999, SSI is a leader in compliance and risk management software, services and Internet technologies for regulated industries. S3I Holdings, Inc. acquired SSI in April 2003. For more information about SSI, please visit our website at: www.securesoftsystems.com.
Safe Harbor Statement
This release contains forward-looking statements which involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, regulatory interpretation, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.