SOURCE: S3 Investment Company

September 21, 2006 09:26 ET

S3 Investment Company Independent Auditors Travel to China for Upcoming Annual Report

TEMECULA, CA -- (MARKET WIRE) -- September 21, 2006 -- S3 Investment Company, Inc. (OTCBB: SEIH) today announced that representatives from its independent auditing firm, Chisholm Bierwolf & Nilson, LLC, have traveled to China to perform audits of S3's subsidiary companies, SINO UJE, Ltd. and Redwood Capital, Inc. The information gathered for these audits will be included in the company's upcoming 10-KSB annual report, which will include consolidated financial information on S3 including, for the first time, the audited financial statements of its subsidiaries.

"This annual report holds particular significance, since it will be the first to demonstrate how we have built SINO UJE into a strong, performing subsidiary with tremendous additional growth potential," said Jim Bickel, chief executive officer of S3 Investment Company. "The 10-KSB is also an extremely comprehensive document, particularly with the added element of the consolidated financial information of our subsidiaries. Everyone involved in the process of producing this annual report, from the accounting staffs of our subsidiaries to the major partners of Chisholm, Bierwolf & Nilson, are working hard to complete this filing, so that our shareholders can see the current status of the company and milestones that have been reached as a result of S3's support of SINO UJE and Redwood Capital."

As a business development company regulated by the Investment Company Act of 1940, S3 was previously unable to present consolidated financial information for its subsidiaries on past financial statements. With shareholder approval, S3 withdrew its business development company election in April of 2006.

"As we recently stated, the un-audited numbers produced by SINO UJE have been extremely encouraging, with very strong revenue and profit numbers, especially considering its relatively early stage of development. With the funding we expect to provide to increase SINO UJE's purchasing power and its ability to access more advantageous financing instruments, we look for even more significant growth in future fiscal years. Meanwhile, Redwood Capital has demonstrated how it can build assets through stock positions in client companies, since the stock granted as part of its first transaction will be included on the balance sheet for this audit," stated Mr. Bickel.

"Showing the real value of S3 through the operations of its subsidiaries doing business in the China market is critical to raising the company's profile in the U.S. public markets and securing long-term financial support for its growth. We continue to look forward to the completion of our annual report in the very near future and hope that shareholders will be enlightened by the information it contains, especially regarding SINO UJE and Redwood Capital," added Mr. Bickel.

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About S3 Investment Company

S3 Investment Company, Inc. ( is a holding company with two subsidiaries doing business in the China market. S3 holds a 100% equity interest in Redwood Capital (, which assists private Chinese companies in accessing U.S. capital markets by utilizing a network of investment banking relationships, and a 51% equity interest in SINO UJE (, a non-stocking distributor of medical and industrial high-tech products to markets throughout China. SINO UJE has been granted exclusive distribution rights in China to medical and industrial products manufactured by leading companies in Europe, North America and Japan. These products are marketed to end-users, including major Chinese hospitals and private companies in a variety of fields, as well as original equipment manufacturers (OEMs), such as Phillips, Siemens and GE, that package the products with their technologies.

Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.

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