jhv1blz5 wrote: The article validated SOA as an IT architecture paradigm that can be leveraged in many ways. Taking data storage, scalability and application performance to a nifty level using SOA Application Grid infrastructure will no doubt enhance data and application performance on Oracle architecture platforms, it also has the promise of a cost effective and efficient IT delivery model. The very benefits of SOA.
MARINA DEL REY, CA -- (MARKET WIRE) -- 03/09/07 -- InfoSearch Media, Inc. (OTCBB: ISHM), a
leading online text and video content producer, today announced that it has
commenced a review into possible unauthorized trading in InfoSearch Media's
common stock facilitated by Louis Zehil, a former partner at McGuireWoods
LLP, former legal counsel to the Company. The Company is reviewing the
issuance of shares during May 2005 and several stock sales during the
period from June through November 2005 whereby restrictions on the right to
transfer InfoSearch Media's shares were removed from stock certificates.
"If the transactions described above took place, they were carried out by
Mr. Zehil without authorization from the Company and were contrary to our
understanding that McGuireWoods had taken steps to ensure that no shares
were issued or sold without the appropriate restrictions in place," said
George Lichter, InfoSearch Media's CEO. "We are determined to carefully
review and resolve this matter."
The Company began its inquiry after it learned that the Securities and
Exchange Commission had commenced an enforcement action against Mr. Zehil
alleging that he had engaged in a fraudulent scheme to obtain and sell to
the investing public shares of securities in several other companies in
violation of the antifraud and registration provisions of the federal
securities laws. The SEC enforcement proceeding does not include
allegations with respect to the securities of InfoSearch Media, but, at the
time of the transactions under review, Mr. Zehil was a partner of the
Company's external legal counsel, McGuireWoods LLP, and also served as the
Company's corporate secretary.
The Company has commenced a review into this matter and any findings
material to the Company will be reported when the review is complete.
Because this review is in its early stages, the Company does not know
whether any of the shares under review were issued improperly without the
restrictive legends or whether the investigation might uncover additional
material information.
The Company has been advised by McGuireWoods LLP that the firm has reported
this matter to the Securities and Exchange Commission. InfoSearch Media has
retained outside counsel to assist with its investigation into this matter.
About InfoSearch Media
InfoSearch Media (http://www.infosearchmedia.com), the largest dedicated
provider of "smart," search-targeted text and video content for the
Internet, is designed to obtain higher rankings, brand recognition and
better website performance for publishing and media clients. InfoSearch
Media's network of professional writers, editors, other technical
specialists and video production facilities also help businesses succeed on
the web by implementing text and video content-based Internet marketing
solutions. Whether a business needs local ranking in 100 cities or a
content publisher who understands the need for targeted online content,
InfoSearch Media offers the outsource solutions, capacity and reputation to
help any company win the audience they need on the Internet.
Safe Harbor Statement
This release contains "forward-looking statements" that involve risks and
uncertainties. Actual results may differ materially from expectations
discussed in such forward-looking statements. Management assumes no
obligation to comment on or provide an update to its stock purchases or
sales in the future except as specifically required by law and by the
Securities and Exchange Commission. Factors that might cause such
differences include, but are not limited to the challenges of attracting
new customers and maintaining existing customers and developing, deploying
and delivering InfoSearch services; competition from existing and new
competitors; the ability to generate sufficient cash flow or otherwise
obtain funds to repay new or outstanding indebtedness; the loss or decline
in business from our key customers and other risks described from time to
time in InfoSearch's filings with the Securities and Exchange Commission.
In particular, see InfoSearch's recent quarterly and annual reports filed
with the Securities and Exchange Commission, copies of which are available
upon request from InfoSearch. InfoSearch does not assume any obligation to
update the forward-looking information contained in this press release.
Contact:
Investor Contact:
Brinlea Johnson
The Blueshirt Group, for InfoSearch Media
415/217-5861 Email Contact
Media Contact:
Heather Gore
310/822-7741 Email Contact