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Technology Stocks : CrossKeys Systems Corp [CKEY and CKY/TSE]
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To: Francois Lavoie who wrote (772)12/14/2000 6:00:26 PM
From: Francois Lavoie  Read Replies (1) of 792
 
I might get back based on this:

Wednesday December 13, 6:41 pm Eastern Time

Troubled CrossKeys retains financial advisor

OTTAWA, Dec 13 (Reuters) - On the heels of a staggering earnings warning, cash-strapped
CrossKeys Systems Corp. (Toronto:CKY.TO - news) (NasdaqNM:CKEY - news) said on
Wednesday that it has retained CIBC World Markets to help it boost shareholder value.

In a curt announcement, the network management software developer said CIBC would ``assist it
with identifying and evaluating strategic alternatives.''

CrossKeys is likely considering job cuts and new financing deals amid a forecast second-quarter
loss that could reach C$20.5 million ($13.5 million.)

Analysts suggest the company is also a takeover candidate because its stock has plunged by nearly 70 percent since the warning
to close at C$1.51 on Wednesday, off 29 Canadian cents on the day.

The Ottawa-area company, which said as many as 10 deals failed to close in the second quarter, slashed revenue forecasts to
between C$4.2 million and C$4.7 million from analysts' expectations of C$17 million.

CrossKeys expects to close the quarter with C$4 million in cash -- a 78 percent decline from the C$18.4 million it had at the
end of the first quarter.

The company, which is 19.5 percent held by French telecoms equipment maker Alcatel will report final results on Dec. 20.

($1 equals $1.52 Canadian)
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