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EXHIBIT 99.1
Contact: Mark Buckley, CFO
Westbury Metals Group
(516) 997-8333
WESTBURY METALS GROUP EXPECTS TO FILE ANNUAL REPORT FOR
FISCAL YEAR 2000 BY MID JANUARY 2001 AND 2001 FIRST QUARTER REPORT
BY LATE JANUARY 2001.
FISCAL 2000 REVENUE UP 186%
WESTBURY, NY, December 11, 2000--Westbury Metals Group, Inc. (OTCBB: WMET) said
today it now expects a further delay in filing its financial reports for the
year ended June 30, 2000 and its restated financial reports for its fiscal
quarters ended December 31, 1999 and March 31, 2000 until mid January 2001. It
had previously reported that these financial reports would be filed by December
11th, 2000.
This further delay in filing its financial reports with the Securities and
Exchange Commission ("SEC") is a result of a determination by the Company that
it is necessary to change its inventory valuation method for its unrefined
precious metals inventories from the market valuation method currently being
used to lower of cost or market. The Company and its auditors have been
researching and reviewing the applicable accounting rules in order to determine
the Company's eligibility to continue the practice of using the market value
method for all of its precious metals inventories. After extensive research and
a review of the comments made by the SEC at its December 4th annual national
conference, which specifically addressed this issue, the Company and its
auditors have determined that the lower of cost or market valuation method for
the Company's unrefined precious metals inventories is the appropriate valuation
method. This change will entail an audit of the Company's financial reports by
its independent auditors using the lower of cost or market valuation method,
which will commence on December 12, 2000. Consequently, the Company has revised
its timetable for filing the above referenced financial reports until mid
January 2001.
The Company is pleased to announce that its revenue for the fiscal year ended
June 30, 2000 rose 186% to $98.7 million from $34.5 million in fiscal 1999.
Given the aforementioned inventory accounting change, the Company expects to
file its quarterly report for the fiscal quarter ended September 30, 2000 by
late January 2001. Preliminary indications for this fiscal quarter show an
improvement in revenues and income from operations compared with the prior
year's same fiscal quarter.
About Westbury Metals Group
Westbury, New York-based Westbury Metals Group, a rapidly growing consolidator
in the precious metals industry, fabricates silver for industrial uses, reclaims
platinum and palladium from automotive catalytic converters and refines precious
metals, gold and silver from industrial users such as electronics, chemical,
aerospace and jewelry companies as well as conducting trading and hedging
operations. In the past two years, the Company has acquired three silver
fabricators: Anton Nolls of Kearny, NJ, in March 1998; Reliable, Inc., a
Naugatuck, CT based supplier of anodes and salts for silver plating as well as
silver and sterling wire, strip and grain products, in June 1999; and the silver
products business of SPM Corp. of Montvale, VA, in May 2000. In addition,
Westbury Metals Group, through its Westbury Mint division, has a licensing
agreement with the World Wrestling Federation Entertainment, Inc., to create
coins and medallions featuring WWF superstars in silver and gold.
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Forward Looking Statements
This press release may be deemed to contain forward-looking information. Any
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on management's beliefs and assumptions, current expectations,
estimates and projections. Many of the factors that will determine the Company's
financial results are beyond the ability of the Company to control or predict.
These statements are subject to risks and uncertainties and therefore actual
results may differ materially. The Company disclaims any obligation to update
any forward-looking statements whether as a result of new information, future
events, or otherwise. Important factors and risks that may affect future results
include, but are not limited to, the impact of competitive products, changes in
law and regulations, availability of raw materials, dependence on distributors
and customers, litigation, limitations on future financing, the effect of
adverse publicity, uncertainties relating to acquisitions, managing and
maintaining growth, customer demands, as well as other risks and uncertainties
that are described from time to time in the Company's filings with the
Securities and Exchange Commission, copies of which are available from the
Company's website, http://www.westburymetals.com.
SOURCE: Westbury Metals Group, Inc.
