NEW YORK (Dow Jones)--By most accounts, it looked like
Sportsnuts.com International Inc. (SPCI) was ready to throw in the towel.
The Salt Lake City-based amateur-sports portal has been through considerable financial difficulties during the past year, racking up significant losses and accumulating a deficit of $15.9 million.
Ken Denos, chief executive officer, confirmed that the
company has been "aggressively" seeking financial partners and added that he has been meeting with sports-related companies about possible merger deals.
Denos declined to say if the company had acquired financing, but said that there would be several announcements over the next several days.
Sportsnuts is seeking $5 million to be used principally
for marketing and sales, as well as for business development and to pay off existing creditors,he said.
Denos added that because "no one follows the company" and institutional interest is minimal, "any involvement of a market-maker tends to have a dramatic affect on stock.
Shares of Sportsnuts ended Thursday's regular trading
session at $2.50, up $1 or 66.7%, on volume of 69,800 shares. Average volume is 3,000.
-Ellen Sheng, Dow Jones Newswires; 201-938-5176
(END) DOW JONES NEWS 11-03-00
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