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Pastimes : Reg. S. Alert!

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To: Puck who wrote ()	8/11/1999 1:15:00 PM
From: Springer	of 60

Good Thread. Here is one that has been bled to death...PCMS biz.yahoo.com I have been looking at it for awhile. The company has great potential and is talked about in lot's of the "techie" circles, but the floorless convertable card has kept away serious investment. This line in particular scared me away...too bad you can't short it. " There can be no assurance that the Company will be able to secure such amendments to remain in compliance with the covenants under its bank line of credit. Failure to adequately remedy such non-compliance through amendments or otherwise may cause the Company to be in default under its bank line of credit and if declared by the lenders, such defaults will trigger cross defaults in its outstanding 4 1/4% Convertible Subordinated Notes and other debt instruments, accelerate repayment of such debts, and give rise to rights of holders of all outstanding Series B Preferred Stock to have their stock redeemed by the Company. In addition, the Company could lose its eligibility to use its Registration Statement on Form S-3 and could be delisted by the Nasdaq National Market." Springer

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