We are pleased to have reached this agreement with SBFM, and look forward to welcoming the Smith Barney Puerto Rico Funds' shareholders into the First Puerto Rico Family of Funds", said Juan Carlos Batlle, President and CEO of SAM.
As a result of the agreement with SBFM, Smith Barney and Primerica Financial Services financial advisors will now have the alternative of offering products from the First Puerto Rico Family of Funds to their clients.
With SBFM and SBCM, we wanted to give small businesses the ability to view their accounting information in new ways," said Steve Brown, Product Manager, Small Business Products Group at Microsoft Corp.
SBFM helps businesses understand how they can improve their cash flow, finance new equipment or what would happen if they increased product prices or cut operating expenses.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the effects of changing economic conditions, corporate spending patterns, trends in the software market, product demand, market acceptance of the Microsoft SBFM
and Timeline's products, product introduction delays, regulatory changes, currency fluctuations, productivity levels of the company's expanded workforce, particularly in the sales functions, recruiting and retaining skilled employees, and other risk factors detailed in the Company's Securities and Exchange Commission filings.
On September 16, 2005, the staff of the Securities and Exchange Commission (the "Commission") informed SBFM
and SBAM that the staff is considering recommending that the Commission institute administrative proceedings against SBFM
and SBAM for alleged violations of Section 19(a) and 34(b) of the Investment Company Act (and related Rule 19a-1).
The Fund, a non-diversified investment management company, is managed by SBFM
, an indirect wholly owned subsidiary of Citigroup Inc.
The SEC order finds that SBFM and CGMI willfully violated Section 206(1) of the Investment Advisers Act of 1940 ("Advisers Act").
The SEC censured SBFM and CGMI and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act.