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Microcap & Penny Stocks : ABTX - Agribiotech
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To: W Shakespeare who wrote (8193)10/6/1999 7:55:00 PM
From: Osothebear_517   of 8359
 
As regards your discussion of ABTX's alleged credit crunch, it should be noted that the company has done a handsome job of paying down its line of credit from a high of approximately $110M to its current level in the mid $50M.
Unfortunately, they have heretofore used the line of credit to fund long term projects when in fact the preferred method would have been long term debt. They have announced that they are in the final stages of placing equity based debt which will be long term and have more manageable terms. When that financing is in place by late October or early November, they will then be able to use their line of credit for its intended purposes.

The current management has made significant strides to place the company on firm financial footing. A company needs someone to make it rain and somebody to sell umbrellas. They had the former in Thomas, they have the latter in Budd.
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