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EXHIBIT 99.1
Contact: Mark Buckley, CFO
Westbury Metals Group
(516) 997-8333
WESTBURY METALS GROUP EXPECTS A FURTHER DELAY IN FILING ITS
ANNUAL REPORT FOR FISCAL YEAR 2000 UNTIL MID FEBRUARY 2001
AND ITS 2001 FIRST QUARTER REPORT UNTIL LATE FEBRUARY 2001
WESTBURY, NY, January 18, 2001--Wesbury 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 September 30, 1999, December 31, 1999 and March 31, 2000 until
mid February 2001. It had previously reported that these financial reports
would be filed by mid January and late January 2001, respectively.
This further delay in filing its financial reports with the Securities and
Exchange Commission ("SEC") is due to the fact that the Company's independent
public accounting firm, Deloitte & Touche, LLP has not completed its review of
the changes made by the Company in accounting for its unrefined precious metals
inventories from market value to lower of cost or market. In December 2000, the
Company conferred with its auditors and established a timetable for completion
of the review. Deloitte & Touche now requires additional time to complete its
work.
Given the aforementioned delay, the Company expects to file its quarterly
report for the fiscal quarter ended September 30, 2000 by late February 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.
