| Contact:
Arsin Corporation
Tel: 408-653-2020
Fax: 408-653-2030
email: pr@arsin.com
TO OUR VALUED SHAREHOLDERS AND CLIENTS
You may be aware about the SEC's inquiries involving Arsin Corporation.
We know that as involved shareholders and clients that you may have
questions about how this may have affected Arsin. This letter is
to bring you update on this matter and on the proactive steps that
the company has taken to resolve all outstanding issues in connection
with this matter.
Internal Review
Arsin and its Board of Directors approach these issues with the
utmost seriousness. Our company's value system is built on ethical
business conduct and the trust of our clients and shareholders.
Arsin supports vigorous enforcement of laws and policies regarding
the conduct of its business. The company undertook its own internal
fact-finding inquiry with the guidance of its outside counsel, the
law firm of Shartsis, Friese and Ginsburg, when these matters first
came to light in April of 2001. Accordingly, the executive management
team acted on the inquiry's recommendations which allowed the company
to decisively respond and ensure the continuation of best business
practices.
Cooperated with Regulators
Arsin cooperated fully with the SEC while they reviewed transactions
involving Arsin and Unify Corporation that occurred as far back
as 1999. On July 17, 2003, the company finalized a settlement agreement
with the SEC that resolved all outstanding concerns in connection
to Arsin's previous transactions with Unify Corporation. As a part
of the terms of the agreement, Arsin agreed to accept an administrative
SEC order with no admission of any wrongdoing, and the SEC has agreed
not to impose any monetary fine on the company. The company felt
that such agreement was in the best interest of its stakeholders
and allowed Arsin to swiftly refocus its efforts on delivering the
highest quality service to its clients.
During this process, the executive team worked closely with regulators
from the SEC. The company's primary goal was to ensure that the
interests of the company's shareholders and clients were best protected.
We believe that this agreement, along with the other measures we
have taken, will bring significant long-term benefits to the shareholders
and clients. Additionally, it ensures that Arsin continues to act
in an ethical manner with integrity and principles.
Strengthening Best Business
Practices
As a demonstration of Arsin's unvarying pledge to conduct business
under the most stringent ethical standards, the company has taken
a number of unprecedented steps to strengthen its processes and
procedures.
- A specific audit committee was formed comprised of company independent
Directors on the Arsin Board of Directors
- The accounting firm of Ireland & San Fillipo has been appointed
as Arsin's new financial auditors
- Strengthened contractual review process, contract monitoring,
and corporate governance have been implemented
We want to thank you for your support and confidence. Our company
was founded on the principle of integrity and ethics, and we are
mindful of your trust as we look forward to future business growth.
— The Arsin Executive Staff
©Arsin Corporation 2003. Arsin® is a registered trademark
of Arsin Corporation. All featured logos and marks are service marks/trademarks
of their respective owners.
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