is this bye,bye--certainly not buy, buy
Spectrum Information Technologies Continues to Seek Investor, Invites Tender Offers
PURCHASE, N.Y., Oct. 2 /PRNewswire/ -- Spectrum Information Technologies (OTC Bulletin Board: SITI) reported today that it is continuing to seek an investment of $6 million to implement its business strategy to commercialize and aggressively market its FastLane(TM) Web Acceleration Service for the Internet.
The Company previously reported that in July it had retained Josephberg Grosz & Co., a New York City investment bank, to assist Spectrum's efforts to raise capital. In August, the Company also engaged Brighton Capital, Ltd., which is based in California, to help raise capital. Despite their and the Company's efforts, Spectrum to date has not located an investor.
The Company's cash position and low market capitalization have led the Company's management to consider alternative strategies. Spectrum today reported that it will entertain tender offers from interested parties and consider being acquired by another entity better positioned to help realize the potential of FastLane.
Spectrum reported that if it has not located an investor or acquirer before the end of October, it expects to implement a plan to downsize, eliminate the majority of its employees and curtail normal operations. |
