Published: October 19, 2005
The Project Group Announces Dismissal of Sarbanes-Oxley Complaint of Former Controller
Department of Labor Finds No Violation of the Sarbanes-Oxley Act by The Project Group
HOUSTON, Oct. 19, 2005 (PRIMEZONE) -- The Project Group, Inc. , a leader in project management solutions, announced today that the U.S. Department of Labor has dismissed a complaint that was filed against The Project Group by its former Controller, Charlsie Idol, under the employee protection provisions of the Sarbanes-Oxley Act, finding no violation of the Sarbanes-Oxley Act by The Project Group. Craig Crawford, President of The Project Group, stated, "The Company has believed from the beginning that these complaints had no validity." The Department of Labor stated in part in its findings that the complaint was investigated and determined to have no merit; "there is no reasonable cause to believe that (The Project Group) violated (the Sarbanes-Oxley Act)," and The Project Group's reasons for discharging Ms. Idol were "made for non-discriminatory business reasons." Either party has thirty days to file objections to the Department of Labor's findings and request a hearing for de novo review with an Administrative Law Judge. If no objections are timely filed, the Department of Labor's findings become final.
About The Project Group, Inc.
The Project Group is a Microsoft Gold Certified Partner in Business Intelligence and Information Worker Solutions that provides enterprise-level business solutions to Oil & Gas, Financial Services, Retail, Hospitality and Pharmaceutical industries. The Project Group provides project management, collaboration, and Sarbanes-Oxley focused consulting services to Fortune 1000 organizations, including M.D. Anderson Hospital, Microsoft, and several of the largest Oil and Gas Companies in the world. PJTG was founded in 2001, and is headquartered in Houston, Texas. The Project Group, Inc. filed for protection under Chapter 11 of the Federal Bankruptcy Code on July 15, 2005 and is currently developing their re-structure plan for presentation to the Court. For more about The Project Group, Inc. go to: http://www.projectgroup.com/
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new opportunities, fulfill all backlogs and the unpredictable nature of business risks; as well as the ability to establish and grow brand awareness of PJTG and other factors set forth in the Company's most recently filed SEC reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.
CONTACT: The Project Group, Inc.
Craig Crawford
281-445-3333
ir@projectgroup.com
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