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Technology Stocks : Corel Corp.

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To: eyewatch who wrote (9605)	10/2/2000 6:13:06 PM
From: hdl	of 9798

Headlines \| Summaries Reuters Finance News Corel, Microsoft Form Strategic Alliance Oct 2 5:43pm ET TORONTO (Reuters) - Struggling Canadian software maker Corel Corp. (COR.TO) (CORL.O) said on Monday it had formed a strategic alliance with Microsoft Corp. (MSFT.O) and that Microsoft has bought $135 million of its preferred shares. Corel said in a statement that Microsoft had purchased 24 million of its non-voting convertible preferred shares at $5.625 a share. Corel said it will work together in testing, developing and marketing on Microsoft's .NET platform. It will work with Microsoft in product launches, trade show events, and on mutual Web sites. ``Our most recent work has focused on strategies to move our applications... By leveraging Corel's development expertise and popular product line with Microsoft's .NET platform, we believe we have found a great combination to accelerate this process,'' said interim Corel president and chief executive Derek Burney. Last week, Corel's chief financial officer said the company is ``taking steps to supplement our cash reserves...we are constantly evaluating partnership opportunities that may provide additional cash.'' Corel shares closed at C$5.55 on the Toronto Stock Exchange on Monday. It made its Microsoft announcement after the market close. ($1-$1.51 Canadian)

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