Game almost over:
biz.yahoo.com
Logio Private Placement Funding in Jeopardy; Investors Withhold Funding
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 18, 2000--Logio, Inc., (OTC BB: LGIO) announced today that the funding in connection with the previously announced $1.4 million private placement of its common stock is being withheld by the potential investors.
The potential investors have informed the company that they will not complete the investment, pointing to the recent decline in Logio's stock price and concern about the company's business operations as the reasons for their decision.
Logio president and CEO Ken Bell made the following statement; " We are very disappointed by this response and are currently reviewing our options in regards to this matter. The company remains in negotiations with the investors concerning the investment and their decision to withhold funding"
Bell continued, "As a result of these developments we have taken steps to further reduce our operating expenses and are pursuing all reasonable alternatives available to us to obtain additional capital, including the active pursuit of merger and/or acquisition opportunities."
About Logio
A Salt Lake City, UT based company, Logio, Inc. provides business professionals with valuable information and tools to help them do their jobs better, using Internet-focused technologies. Its innovative directory structure organizes resources and information for professionals by their own job functions, rather than by industry.
The company makes its directory and other services available to Internet and intranet clients via private label agreement. For more information, visit logio.com. Logio and the Logio Dir ctory are trademarks of Logio, Inc.
This release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, and includes Logio's belief, expectations or intentions regarding its future operations and financial condition.
All forward-looking statements included in this release are based on current expectations that involves risks and uncertainties, which might cause the actual results to differ materially from those projected in any forward-looking statements.
Factors affecting results include the timely development and implementation of technologies and services, the market awareness and acceptance of these technologies and services, competitive f ctors and pricing pressures, changes in product mix due to market demand, the overall market demand for Internet services and the ability of the Company to protect its proprietary information.
Logio assumes no obligation to update any forward-looking statements.
CONTACT:
Logio, Inc.
R. Brett Bell, Manager, Investor Relations
801/816-9904
http://investors@logio.com
or
Brokers & Analysts:
Columbia Financial Group
888/301-6271
KEYWORD: UTAH
BW2638 SEP 18,2000
9:01 PACIFIC
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