LAS VEGAS, NV — (Marketwired) — 04/25/13 — Signature Devices, Inc. (PINKSHEETS: SDVI) is pleased to announce its plans to establish an internal control system in compliance with internal control regulations. Since Mart van ver Velde took over the Company as CEO in late 2011 and became more familiar with the intricacies of the business, he concluded that the company and its shareholders will greatly benefit from strengthening its internal procedures to effectively manage and control its operations, strengthen its centralized management system, and help regulate a wide range of business activities. Mr. van der Velde commented, “Certain weaknesses in our internal control over financial reporting may have existed at various times in the past, and it is imperative that we perform an independent audit for years 2008-2012 which will help the Company establish a solid foundation towards overcoming the challenges we are currently facing as a result of the past business practices, and returning to profitability. The improvements in internal controls are essential to ensure the effectiveness of organizational structure, business procedures and management practices, while keeping our employees motivated.” The Company will also look into compensation packages of key executives and contractual obligations of the company.
The Company also appointed Tom Martojo as its Director of Corporate Strategy to assist with the restructuring of its current activities and the development of new business strategies. He will report directly to the company-s CEO. Mr. van der Velde welcomed Mr. Martojo to the Signature Devices finance team, noting, “A key to any business success is having the right team in place, and to this end I am delighted to have Tom Martojo join our team. We are in the process of restructuring our business and we believe he will bring an expertise and energy that will be a significant contribution to the Company.”
Tom Martojo comes to SDVI with a rich background covering 30 years of experience as a management consultant working for companies like Glaxo, AEGON Insurance, Philips Electronics, ING Bank and KPN Telecom. He is a specialist in restructuring and refinancing businesses, development and implementation of business concepts and has been involved in projects worldwide including countries such as Spain, the United Kingdom and the USA. Mr. Martojo holds degrees in Law, Economics and Journalism and has served on a number of boards of both public companies, as well as privately owned businesses. His assignment covers an initial period of 6 months.
About Signature Devices, Inc.
Based in Las Vegas, Nevada, Signature Devices, Inc. creates and develops social networking systems including social networking server software, social networking games and console games. The company also publishes software including video games, and commercial products through its subsidiary company Graffiti Entertainment, Inc.
The information in this press release includes certain “forward-looking” statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
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