Memo to the Planning File by Audit Manager – General Information
General Background Information
Emanuel “Manny” Schwimez, is the CEO and chairman of the board of Flash. Mr. Schwimez is originally from Tel Aviv. He has an impressive resume, including a master’s degree from the London School of Economics and many years of eexecutive-level experience. He has led several high technology companies in the U.S and abroad since the early 1970’s. In 1990 he became president of Seatac Inc., a start-up company in Seattle, Washington, which manufactured and sold font catridges for printers. In 1993 Seatac agreed to merge with Boston Printing of Massachusetts. In 1994 the combined company was incorporated in Massachusetts as Flash Technologies, Inc., and began developing and commercializing font catridges for laser printers. Headquarters for the company are in Binex, MA. Beginning in 1999 the company began to shift its emphasis from font catridges to the growing PC card market. A PC card is a rugged, lightweight, credit card sized device inserted into a dedicated slot in a board range of electronic equipment that contain microprocessors, such as portable computers, telecommunications equipment, manufacturing equipment, and vehiclediagnostic systems. The company was an early adopter of the new ExpressCard standards used on all new portable and dekstop computers. Althought Flash Technologies, Inc., is still a relatively small player in the industry, it has enjoyed impressive succes. The company’s stock prise has grown 300% over the last 5 years. In 2003 Flash’s stock graduated to the New York Stock Exchange. The stock recommendation from analysts following Flash’s stock is currently ‘’strong buy”. However, I did some market research and noticed short posstions in Flash stock have increased during November and December 2008.
While I was researching the stock, I visited