Saturday, January 22, 2005

 

Update to Shareholders on Quarterly Filings Monday December 6, 1:13 pm ET

Press Release
Source: Warning Management Services, Inc.
Update to Shareholders on Quarterly FilingsMonday December 6, 1:13 pm ET
LOS ANGELES, Dec. 6 /PRNewswire-FirstCall/ -- Warning Management Services, Inc. (OTC Bulletin Board: WNMIE - News) Gives progress report on the late filing of its third quarter September 30, 2004 10Q, financial results.
Warning Model Management, Inc. ("WNMI") wishes to update shareholders regarding the late filing of its Sept. 2004 10Q quarterly financial results. WNMI anticipated completing all the financial and accounting work to allow the filing prior to Dec 3 2004. These management estimates were based on the facts available to us at the time of the announcement. Management underestimated the required work load as it related to ensuring that the subsidiary acquired, Employment Systems, Inc's, (ESI) books and records would be in compliance to the FASB and GAAP regulations. Further, considerable effort was required not only in these areas but also the stub reporting for Tax Filing for the prior owners of ESI.
Management has now completed, to its satisfaction, the required analysis and adjustments and will submit to our outside auditors today for there review and approval. We anticipate full co-operation from our auditors and will receive a timely turn around allowing WNMI to file its Sept.'04 10Q. The adjustments as required by GAAP, FASB and the Stub Tax Reporting will reduce Management's prior estimate of ESI's contribution in the September'04 quarter by approximately $150,000. Shareholders have further been concerned that this delay would result in the delisting of WNMI. This will not occur, as we will file within the next few days, well within the requirements of NASD.
"I, The Board of Directors and Management apologize to our shareholders for this delay in finalizing our September 2004 quarterly 10Q financials, however ,as stated previously, we feel that there must be no doubt regarding our compliance with the regulatory authorities requirements," said Brian Bonar, Warning's Chairman and CEO.
Based on the Financial and Accounting Figures we are presenting to our auditors, and Management's best estimates WNMI's Gross Revenues prior to adjustments, if any, by our auditors will be approximately $1,270,000 for the quarter ending Sept 30 2004, Management further estimates Revenues for the quarter ending December 31 2004 will be approximately $3.5 million,, Further, on an annualized basis, Management now estimates, based on current levels of business and new business development, that WNMI's consolidated revenues will be in excess of $15. Million for the Fiscal Year ending December, 2005.
"This has been a very stressful time for all involved as we transition WNMI to offer a broader range of services, and as the Company continues to reach it's goal of operational profitability we simply cannot afford the resources that would make this transition more timely," he continued "We trust that the information in this press release will be used in the informative spirit it is provided, and that shareholders realize that until we formally file our Sept. '04 Q and financials with the appropriate authorities that any information provided cannot be considered as final"
About Warning Management Services, Inc.
Warning Management Services, Inc. (OTC Bulletin Board: WNMI - News) headquartered in Los Angeles, California, was founded in 1998 and is a full-service model and talent agency and now has expanded to include a staffing leasing/peo organization. The focus of Warning Management Services, Inc.'s model division is to develop and supply both male and female models, for a variety of assignments, including, but not limited to; fashion editorials, product catalogues, personal appearances, newspaper, advertisements, posters, websites, billboards, bus sides, look books and many other media outlets. The company also provides models and actors for all forms of Television and Film work as well as industrial videos and the Warning Model's Photography area represents some of the world's top photographers. They shoot assignments for magazines and advertising as well as movie posters, album covers and Billboards. Warning Management currently manages the endorsements and product licensing of a select group of high profile celebrities. With its new staffing leasing/peo division, Employment systems, Inc. it endeavors to lease employees to the municipal and private industries and it expects to expand this area to further area available in the market place.
Brian Bonar has been Chairman of Warning Management Services, Inc. since February, 2004 and is also Chairman of two other publicly traded companies, Dalrada Financial Corporation (OTC Bulletin Board: DRDF - News) located in San Diego, which provides a variety of professional services related to human resources to businesses, and Quik Pix, Inc. (Pink Sheets: QPIX - News), a leading visual marketing support firm located in Buena Park, California.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K for the year ended Dec. 31, 2002, and its subsequent filings with the SEC. Contact:
Brian Bonar, Chief Executive Officer
Warning Management Services, Inc.
9440 Santa Monica Blvd., Suite 400
Beverly Hills, CA 90210
(310) 860-9969
Source: Warning Management Services, Inc.


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