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Technology Stocks : TTRE (TTR Incorporated)
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To: Sir Auric Goldfinger who wrote (539)4/1/2003 1:55:36 PM
From: afrayem onigwecher  Read Replies (1) of 609
 
TTR Technologies Auditor Raises Going Concern Doubt

DOW JONES NEWSWIRES

WASHINGTON -- TTR Technologies Inc. (TTRE ) auditor Brightman Almagor & Co. raised substantial doubt about the company's ability to continue as a going concern, citing the company's recurring losses from operations.

The viability of the company's business depends on the completion of a pending transaction with Macrovision Corp. (MVSN), according to the company's annual report filed Monday with the Securities and Exchange Commission.

Macrovision said March 14 that an acquisition of TTR Technologies' copy-protection business wouldn't be completed by a March 15 walk-away date. The delay stemmed from a lack of approval by the Israeli Ministry of Trade and Commerce.

Macrovision, which offers technologies to prevent illicit copying of videotapes, discs and software, said in November it would pay $5 million to acquire TTR Technologies' business.

In Monday's filing, the company said it is working with Macrovision and the Israeli Ministry of Trade and Commerce to achieve a timely closing.

Brightman Almagor is a member of Deloitte Touche Tohmatsu, the filing said.

-Ben Siegel; Dow Jones Newswires; 202-628-7689

Updated April 1, 2003 12:33 p.m.
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