Systemax Postpones 2005 Annual Meeting
May 13 2005 - 10:21AM
Business Wire
Systemax Inc. (NYSE:SYX), a leading distributor and manufacturer of
PC hardware, related computer products and industrial products in
North America and Europe, announced today that it is postponing its
2005 Annual Stockholders Meeting scheduled for Tuesday, May 24,
2005. The Company expects to announce a new meeting date within the
next few weeks. The Board of Directors of the Company decided to
postpone the Annual Meeting as a result of the Company's previously
announced decision to restate its financial results for the year
ended December 31, 2004 following the discovery of errors in
accounting for inventory at its Tiger Direct, Inc. subsidiary. The
Board believes that it is in the best interests of the stockholders
to postpone the Annual Meeting until after the Company circulates
restated financial results. Systemax Inc. (wwwsystemax.com)
utilizes an integrated system of branded e-commerce web sites,
direct mail catalogs and relationship marketers to sell PC
hardware, related computer products and industrial products in
North America and Europe. Systemax is a Fortune 1000 company.
Forward-Looking Statements This press release contains
forward-looking statements about the Company's performance. These
statements are based on management's estimates, assumptions and
projections and are not guarantees of future performance. The
Company assumes no obligation to update these statements. Actual
results may differ materially from results expressed or implied in
these statements as the result of risks, uncertainties and other
factors including, but not limited to: (a) unanticipated variations
in sales volume, (b) economic conditions and exchange rates, (c)
actions by competitors, (d) the continuation of key vendor
relationships, (e) the ability to maintain satisfactory loan
agreements with lenders, (f) risks associated with the delivery of
merchandise to customers utilizing common carriers, (g) the
operation of the Company's management information systems, and (h)
unanticipated legal and administrative proceedings. Please refer to
the Forward Looking Statements section contained in Item 7 of the
Company's Form 10-K for a more detailed explanation of the inherent
limitations in such forward-looking statements.
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