October 10, 2002—PlanGraphics board of directors held its quarterly meeting to address a number of topics affecting the new fiscal year that began October 1, 2002.
During the meeting, the board was briefed about and reviewed strategies for the 2003 business plan and then considered and discussed the company’s vertical market services offered and its regional operations.
The board also received information and updates concerning the Sarbanes-Oxley Act of 2002 that affects the company’s Securities and Exchange Commission disclosure and reporting requirements. As a result of the issues addressed in this area, the board approved several policies related to the two-day reporting of transactions by officers and directors, investor relations, and disclosure policies, and approved a code of ethics for senior financial officers. Additional policies are under consideration that will formalize the company’s existing processes.
Fred Beisser, Senior Vice President—Finance, was designated PlanGraphics’ compliance officer for SEC disclosure and reporting. Beisser stated he is “…pleased that the board is highly involved in these processes and that a number of existing practices have now been formalized. I look forward to completing the remaining policies in the near future to ensure full and complete disclosure for our existing and future shareholders.”
During the meeting, the board also affirmed its intention of being listed on the forthcoming Bulletin Board ExchangeSM during 2003. An internal review by the company indicates it already meets the anticipated listing requirements.