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Technology Stocks : Zitel-ZITL What's Happening
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To: Marconi who wrote (18032)9/21/1999 10:33:00 AM
From: Daniel Chisholm  Read Replies (2) of 18263
 
Gosh, am I the only one still "standing guard"? ;-)

Zitel Corporation Terminates Acquisition of MatriDigm Corporation

biz.yahoo.com

The relevant part:

FREMONT, Calif., Sept. 21 /PRNewswire/ -- Zitel Corporation (Nasdaq: ZITL - news)
announced today the termination of its planned acquisition of MatriDigm Corporation.

Asa W. Lanum, President and Chief Executive Officer of Zitel, stated: ``Zitel helped found
MatriDigm in 1995 and has followed it and been a supporter since its founding. We continue to
believe that the MatriDigm technology holds significant promise. However, we have reluctantly
concluded that combining the two companies is no longer in the best interests of Zitel.'



Methinks our job of analyzing Zitel is becoming progressively easier. To their (Zitel's management) credit, they have been writing off their bad investments, and seem to be avoiding committing the company to big costly mistakes (e.g., two merger attempts with Matridigm). As a result, their financial statements are becoming a better and more honest reflection of the business behind the stock.

With them having all but abandoned the Y2K idiocy stuff, I think that Zitel Corporation and Zitel common stock do have a fighting chance to survive, provided that they can stop burning cash before the (ever less attractive) option of junk equity financing dries up.

- Daniel
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