November 19, 1999 13:39
Circle.com Clarifies Misleading Dow Jones Report
BALTIMORE--(BUSINESS WIRE)--Nov. 19, 1999--Circle.com (NASDAQ:CIRC) today clarified a report published by Dow Jones News Service which implied the company does not have sufficient funds to enable operations through the end of 1999.
"What the report did not emphasize is that as a tracking stock of Snyder Communications, Inc., (NYSE:SNC) Circle.com has access to approximately $50 million through a revolving credit facility, an additional $40 million in cash on the September 1999 balance sheet, as well as other sources, including the significant operation cash flow generated by Snyder Communications," said Victor Mandel, Executive Vice President and Director of Finance and Development for Circle.com
"Circle.com is operating according to plan, meeting all of its internal and external financial expectations, and has no shortage of cash to draw upon in an as-needed basis," Mandel said. "In its recent SEC filing, Snyder reported it intended to use a $195 million revolving credit facility for, among other things, general corporate purposes. It appears the Dow Jones report did not make the link between 'general corporate purposes' and Circle.com operations."
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