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Press ReleaseSarbanes-Oxley Act Requirements Mean Fast Growth for Hotline ServiceFREDERICKSBURG, Va., June 8, 2004 -- The 2002 Sarbanes-Oxley Act requiring publicly-traded companies to establish by October 31st a system for employees to anonymously report suspected accounting or auditing misdeeds continues to create substantial new business for National Hotline Services (NHS) of Fredericksburg, VA -- over half of all new clients signed by NHS so far this year.The company, which offers several different types of hotline services, has more than doubled its total number of clients since January 2002 and over 30 percent of the new clients wanted a Sarbanes-Oxley hotline. At the end of 2002, Sarbanes-Oxley hotline clients accounted for only 2 percent of NHS' total clients. Today they make up 17 percent of the total client base, which grew over 50 percent last year to over 600 clients. Larry J. Tomayko, NHS Chief Operating Officer, predicts demand for Sarbanes-Oxley hotlines will continue to be a major growth driver for NHS in 2004. The Security and Exchange Commission's final rules under the Sarbanes-Oxley Act require compliance by the first annual shareholders' meeting after January 15, 2004, but no later than October 31, 2004. Tomayko notes that a substantial number of NHS Sarbanes-Oxley hotline clients are not required by the law to have such a system in place since they are not publicly traded, but says they have opted to create such hotlines as a "best practice." About 15 percent of NHS' Sarbanes-Oxley clients are not publicly-traded concerns. National Hotline Services, a leading provider of telephone and Internet-based employee and customer hotline solutions, has been assisting clients meet regulatory, legal and corporate objectives through customized fraud, ethics, human resources and Sarbanes-Oxley compliance hotlines since 1992. For more information, please visit the company's Web site at http://www.hotlines.com. Contact: Larry Tomayko 540-368-1900 ltomayko@hotlines.com |
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