Final Paper Press Release

Topics: U.S. Securities and Exchange Commission, Internal control, Chief financial officer Pages: 1 (290 words) Published: December 14, 2012
Public Communications
Craig L. Granville
COM 530
December 10, 2012
DR. Ed Wirth

Public Communications
Press Release
Virginia Beach, VA, December 10, 2012, (BUSINESS WIRE) – Granvic, Inc. announced today to Channel 10 news that the U.S. Securities and Exchange Commission (SEC) has informed the company that they are requesting some documentation concerning internal revenue recognition practices. The SEC has some concerns of Granvic, Inc. of revenue recognition practices. The SEC has not made any formal statement at this time, they have request only documentation this time. They have not asked for any financial statements at this time. At this time, Granvic, INC. has advised channel 10 news that they working with their account staff and auditing team on their revenue recognition practices. Granvic, Inc. also is looking more into their internal control procedures as a standard safeguard because of a letter that the company had received from the SEC. By doing this the company will make sure the staff will follow all internal control and are in place per the company intended. Charles Jonson has the chief financial officer (CFO) has informed channel 10 news and the company that he has resigned voluntarily as the CFO for Granvic, Inc. The company did not give a statement why for this unknown departure. The company also has encouraged its employees to steer away for the media at this time. When developments arise from the company’s internal investigation, and the SEC's inquiry, the company will release a statement immediately to the public. The company thanks everyone involved to be patience with this investigation, and the company will be in constant communication with the SEC and the public, throughout the investigation process. SOURCE: Granvic, Inc.

Craig Granville, CPA
121-456-566336 x. 14587
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