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October 4th, 2005
Stop strangling startups
Here's what the SEC heard from Donald S. Perkins, chairman of the board of Nanophase Technologies, a small Illinois-based maker of nanocrystalline materials: "We have only 50 employees. Three of these are finance and accounting professionals... In 2004 over $259,000 (5% of our sales) was spent and over 1,000 hours were used for us to produce a SOX-404 result that showed no material weaknesses."