MICG: .15x.18, cash value $.26/share, merger negotiations
shellstockreview.com
MICG filed an 8-K today reflecting the sale of their computer conferencing and telecommunications business to Greensteel on 10/24/2000. After paying off all debts, they will have about $1,210,775 or $0.26/share in cash. They are currently in negotiations with a potential merger partner in a high-tech industry. They also have the potential to earn another $1.5mil on earn-out payments over a 5-year period. Also, they kept $402,919 in accounts receivable. Insiders purchased 323,000 shares on 6/30/2000 via an option-related Form 4 Buy. Currently trading at a discount to cash at .15 bid x .18 ask.
11/08/2000: I spoke to Joan Nardi, she confirmed they will pay off all debts and that they are in negotiations with a potential merger candidate involved in a high-tech industry.
(503)620-4000
11/08/2000: 8-K
Cash and cash equivalents: $2,006,720, Accounts receivable: $402,919, Total current liabilities: $945,986.
Pursuant to an Asset Purchase Agreement ("Asset Purchase Agreement") dated September 7, 2000 between Microfield Graphics, Inc., an Oregon corporation ("Microfield"), and Greensteel, Inc., a Delaware corporation ("Greensteel"), Microfield sold substantially all of its assets to Greensteel (the "Asset Sale"). The transaction closed on October 24, 2000. The purchase price for the assets is up to $3.5 million, $2 million of which was paid at closing and up to $1.5 million of which will be paid pursuant to a contingent earn out over 5 years. Microfield retained certain assets, including cash, accounts receivables arising prior to the closing date, insurance policies and the computer equipment used by Microfield's Chief Executive Officer.
freeedgar.com
11/08/2000: 09/30/2000 10QSB
The number of shares outstanding of the Registrant's Common Stock as of September 30, 2000 was 4,572,793 shares
The Company has no active business operations at this time and is exploring merger and acquisition opportunities in other lines of business. The Company has no plans to distribute proceeds of the asset sale at this time.
freeedgar.com;
10/06/2000: NEWS RELEASE (from MyTrack news)
Oct. 6 (The Oregonian/KRTBN)--MICROFIELD GRAPHICS PLANS TO SELL MOST ASSETS: Portland-based Microfield Graphics will sell most of its assets to Greensteel, a subsidiary of Atlanta-based PolyVision, the company announced.
Conroy said he was negotiating with a potential merger partner.
10/03/2000: NEWS RELEASE
We have explored numerous alternatives, and have concluded that the proposed sale is the best available alternative to maximize value for our shareholders, and that our shareholders would best be served in the long run by divesting the SoftBoard operation and applying our resources to other opportunities we are exploring. We are involved in negotiations with a potential acquisition target to define the terms and structure of a business combination.'
biz.yahoo.com
DISCLAIMER
Not meant to be a solicitation or recommendation to buy, sell, or hold MICG. |
