Big Picture Announces Termination of BDC Financing
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13:29 GMT-04:00 Wednesday, June 27, 2001
NLK / FOR IMMEDIATE RELEASE
Trading Symbol - BPI
BIG PICTURE ANNOUNCES TERMINATION OF BDC FINANCING
CALGARY, AB, June 27, 2001 -- Big Picture Technologies Inc. (CDNX:BPI): announced that it has it has been advised by the BDC that it will not
complete the previously announced financing of $3 million to $6 million due to policy changes related to investments in public companies.
"The termination of this financing has serious and far reaching implications for Big Picture," said Michael Anthony, president and CEO, "in that the
financing was not only critical to implementing our customer acquisition strategy-the cornerstone of our growth plans this year-but it has also
impacted auxiliary financings, linked to the BDC financing, which would have provided necessary operating capital."
The Board and management of the Company are actively working to clarify the status of potential alternative financing and is vigorously exploring
a range of options related to restructuring the Company as an ongoing viable operation. Shareholders will be updated as soon as information
becomes available.
In the interim, the Company has temporarily laid off most of the staff in the Calgary and Victoria offices. The principal revenue-producing units of
the Company, the Online Solutions Division in Dallas and the Salasan subsidiary, remain unaffected.
In a related development, the Company also announced Larry Goldberg has resigned from the Company's Board of Directors effective June 26,
2001.
Anthony concluded: "This is unquestionably a critical time in the Company's development. But I want to assure shareholders that the Board and
management remain committed to restructuring, refinancing and rebuilding Big Picture."
About Big Picture
Big Picture Technologies Inc. is a developer of award winning Internet e-commerce and e-business software for small and medium-sized
businesses. Big Picture solutions enable small and medium-sized businesses to effectively build and market websites, manage e-commerce,
and deliver online customer service. For more information, see www.bigpic.com. |
