Oct 30/97 News Release -- this release sure doesn't do any good for investor confidence. I see we closed the day again at the 52-week low (0.50), with a bid-ask of 0.40-0.50. Heck, I can see us heading to where I got in (0.33), although now it's a 5-to-1 consolidated share. Maybe I should bail, now that I'm under 30% of my principal. Unbelievable, this company. If I don't shut up now, I won't be able to restrain myself from using four-letter expletives to describe my feelings about CYH...
Compression & Encryption Tech Inc -
Employees to be temporarily laid off
Compression & Encryption Tech Inc CYH
Shares issued 5544800
1997-10-29 close $0.55
Thursday Oct 30 1997
Mr K.E. (Ken) Digweed reports
Compression Communications, a wholly owned subsidiary of Compression & Encryption Technologies, has recently completed its obligations for product development related to the OEM agreement with Paradyne. The final laboratory testing, field trials and regulatory approvals for the FrameMaster T1 and DataMaster products are progressing but are taking somewhat longer than anticipated. The proposed financing has also been delayed which has restricted access to operating capital. In view of these factors the company is putting its employees on temporary layoff, effective October 31 1997, pending the completion of these activities and a proposed debenture offering. The company expects to recall these employees by December 15 1997.
Mr Ken Digweed, president of Compression Communications has confirmed that sales and service efforts will continue to function during this period, with the focus being on clearing out existing inventory and soliciting orders for the new FrameMaster and DataMaster products. |
