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Technology Stocks : Network Commerce Inc (NWKC)(was shopnow)

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To: Mohan Marette who started this subject	5/5/2001 12:26:31 PM
From: KLP	of 127

18:17 EDT Friday --Network Commerce can't explain trading surge seattle.bcentral.com Network Commerce can't explain trading surge Shares of struggling local dot-com Network Commerce Inc. closed up 53 percent on more than seven times the average volume, but a spokeswoman said the company knew of no reason for the surge. Seattle-based Network Commerce stock leaped as high as 31 cents per share from yesterday's close of 15 cents, and ended the day at 23 cents per share. Volume was 12.3 million shares, compared to average volume of 1.59 million. "There really is no explanation internally for the huge volume of shares that was traded on Nasdaq today," said Network Commerce spokeswoman Lynn Thomas. Analyst Timothy Klein of U.S. Bancorp Piper Jaffray in Minneapolis, who covers the company, also said he knew of no fundamental reason for the activity. Just two weeks ago, in its year-end report, Network Commerce said its ability to stay in business "will be severely challenged" unless it obtains additional funding very soon, and raised the possibility that the company may have to file a bankruptcy petition. The company said its auditors had concluded that its financial troubles "raise substantial doubt about our ability to continue as a going concern." The Seattle-based provider of Internet infrastructure services also warned that it is "receiving increasing pressure for payments from trade creditors," and that unless it can restructure the payments it may face the prospect of a bankruptcy filing. The company cautioned that "if we become insolvent or enter into a liquidation proceeding, after payment to our creditors, there is likely to be insufficient assets remaining for any distribution to shareholders."

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