Sports Resorts International, Inc. Receives Proposed IRS Exam Changes
December 06 2005 - 4:10PM
PR Newswire (US)
OWOSSO, Mich., Dec. 6 /PRNewswire-FirstCall/ -- Sports Resorts
International, Inc. (the "Company") (NASDAQ:SPRI) today announced
that it has received proposed changes from the Internal Revenue
Service ("IRS") related to an examination of its 2002 federal
income tax return. The IRS is proposing to disallow certain
deductions, which would result in an additional tax liability of
approximately $974,000. The Company disagrees with the results of
the examination and intends to pursue an appeal of the findings.
Currently, the Company through its wholly owned subsidiaries,
manufactures and markets high-quality drop-in bedliners and other
truck accessories for the original equipment manufacturers and
automotive aftermarket business and owns and operates a
multi-purpose motor-sports facility located near Brainerd, Minn.
Certain statements included in this press release are
"forward-looking" statements, such as those relating to anticipated
events or activities. The Company's performance and financial
results could differ materially from those reflected in the
forward-looking statements due to financial, economic, regulatory
and political factors as described in the Company's filings with
the Securities and Exchange Commission. Therefore, current or
prospective investors are cautioned not to place undue reliance on
any such forward- looking statements. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information
or future events. DATASOURCE: Sports Resorts International, Inc.
CONTACT: Greg Strzynski of Sports Resorts International, Inc.,
+1-989-725-8354
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