sigh.
MigraTEC Announces Evaluation of Strategic Alternatives
May 15, 2003 5:01:00 PM ET
DALLAS, May 15 /PRNewswire-FirstCall/ -- As disclosed in MigraTEC, Inc.'s (OTC Bulletin Board: MIGR) (the "Company") Form 10-KSB for the year ended December 31, 2002, the Company's limited revenues and slow revenue growth have caused the Company to incur significant losses and have required the Company to continually seek external sources of financing to continue its business operations. The Company further disclosed in its Form 10-KSB for the year ended December 31, 2002, filed with the SEC on March 31, 2003, that if the Company was unable to generate sufficient revenues and cash flows in the near term or obtain additional or alternative funding it would be unable to continue as a going concern. In the Company's Form SB-2 filed on April 29, 2003, the Company disclosed that, as of April 22, 2003, it had cash of $24,515 on hand, $13,800 in outstanding accounts receivable and $183,697 in cash obligations. Subsequently, in the Company's Form 10-QSB for the quarter ended March 31, 2003, filed on May 12, 2003, the Company disclosed that as of May 9, 2003 it had cash on hand of $1,895, $20,700 in outstanding accounts receivable and $642,000 in cash obligations. The Company further disclosed that if it was unable to immediately obtain additional capital it would be forced to significantly reduce or discontinue its operations and consider strategic alternatives.
During the past several months, the Company has actively engaged in discussions with equity and debt financing sources to attempt to obtain additional financing to permit the Company to continue its current business operations. The Company's needs for additional external capital have increased because of recent unexpected and protracted delays in anticipated contract awards from large customers. These delays, combined with the unprecedented slowdown in IT spending, have made it highly unlikely that the Company will realize its required capital from profitable operations in the short-term. While the Company is continuing to seek additional financing, at this time the Company has not been able to obtain adequate capital from internal or external sources to enable it to continue its operations as is. Accordingly, the Company has decided to significantly reduce its workforce and to undertake other expense reductions in an effort to better position the Company to continue to pursue revenue opportunities and fulfill existing customer needs while the Company evaluates and pursues other strategic alternatives. The Company will initially maintain a core group of employees to fulfill existing customer contracts, pursue high priority sales opportunities and provide critical operations. Simultaneously, the Company will aggressively evaluate and pursue other strategic alternatives, including a possible sale or merger of the Company.
About MigraTEC
Based in Dallas, Texas, MigraTEC is a leading provider of application migration solutions. In addition to 64Express(TM), MigraTEC also offers its 32Direct(TM) line of solutions that supports the cross-platform migration of C/C++ based application software among 32-bit operating systems, such as from Solaris(TM) to Windows(R) and from Solaris(TM) to Linux(R). MigraTEC also offers turnkey migration services, from Diagnostic Assessments to full on-site migrations. MigraTEC solutions make it possible for Independent Software Vendors (ISVs), service providers and corporate and government enterprises to dramatically reduce the risk, time and cost associated with software migration projects.
MigraTEC, Inc. is publicly traded on the OTC Bulletin Board under the symbol "MIGR". For more information, visit migratec.com . MigraTEC, 32Direct and 64Express are trademarks of MigraTEC, Inc., Dallas, Texas, USA.
Forward-Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The Company's actual results may differ significantly from the results contained in the forward-looking statements. These risk factors are discussed in the Company's filings with the Securities and Exchange Commission on Forms 8-K, 10-QSB and 10-KSB.
© 2003 PRNewswire MigraTEC Announces Evaluation of Strategic Alternatives
May 15, 2003 5:01:00 PM ET
DALLAS, May 15 /PRNewswire-FirstCall/ -- As disclosed in MigraTEC, Inc.'s (OTC Bulletin Board: MIGR) (the "Company") Form 10-KSB for the year ended December 31, 2002, the Company's limited revenues and slow revenue growth have caused the Company to incur significant losses and have required the Company to continually seek external sources of financing to continue its business operations. The Company further disclosed in its Form 10-KSB for the year ended December 31, 2002, filed with the SEC on March 31, 2003, that if the Company was unable to generate sufficient revenues and cash flows in the near term or obtain additional or alternative funding it would be unable to continue as a going concern. In the Company's Form SB-2 filed on April 29, 2003, the Company disclosed that, as of April 22, 2003, it had cash of $24,515 on hand, $13,800 in outstanding accounts receivable and $183,697 in cash obligations. Subsequently, in the Company's Form 10-QSB for the quarter ended March 31, 2003, filed on May 12, 2003, the Company disclosed that as of May 9, 2003 it had cash on hand of $1,895, $20,700 in outstanding accounts receivable and $642,000 in cash obligations. The Company further disclosed that if it was unable to immediately obtain additional capital it would be forced to significantly reduce or discontinue its operations and consider strategic alternatives.
During the past several months, the Company has actively engaged in discussions with equity and debt financing sources to attempt to obtain additional financing to permit the Company to continue its current business operations. The Company's needs for additional external capital have increased because of recent unexpected and protracted delays in anticipated contract awards from large customers. These delays, combined with the unprecedented slowdown in IT spending, have made it highly unlikely that the Company will realize its required capital from profitable operations in the short-term. While the Company is continuing to seek additional financing, at this time the Company has not been able to obtain adequate capital from internal or external sources to enable it to continue its operations as is. Accordingly, the Company has decided to significantly reduce its workforce and to undertake other expense reductions in an effort to better position the Company to continue to pursue revenue opportunities and fulfill existing customer needs while the Company evaluates and pursues other strategic alternatives. The Company will initially maintain a core group of employees to fulfill existing customer contracts, pursue high priority sales opportunities and provide critical operations. Simultaneously, the Company will aggressively evaluate and pursue other strategic alternatives, including a possible sale or merger of the Company.
About MigraTEC
Based in Dallas, Texas, MigraTEC is a leading provider of application migration solutions. In addition to 64Express(TM), MigraTEC also offers its 32Direct(TM) line of solutions that supports the cross-platform migration of C/C++ based application software among 32-bit operating systems, such as from Solaris(TM) to Windows(R) and from Solaris(TM) to Linux(R). MigraTEC also offers turnkey migration services, from Diagnostic Assessments to full on-site migrations. MigraTEC solutions make it possible for Independent Software Vendors (ISVs), service providers and corporate and government enterprises to dramatically reduce the risk, time and cost associated with software migration projects.
MigraTEC, Inc. is publicly traded on the OTC Bulletin Board under the symbol "MIGR". For more information, visit migratec.com . MigraTEC, 32Direct and 64Express are trademarks of MigraTEC, Inc., Dallas, Texas, USA.
Forward-Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The Company's actual results may differ significantly from the results contained in the forward-looking statements. These risk factors are discussed in the Company's filings with the Securities and Exchange Commission on Forms 8-K, 10-QSB and 10-KSB.
© 2003 PRNewswire |
