Darleen - IMHO - i think our Cycomm has little exposure to Asia (Korea) where all the action seems to be lately. I understand that the conditions imposed by the IMF are causing a severe shakeup in Korea that is spilling over Asia...
SINGAPORE - Asian currencies were dragged to new record lows , hurt by the rising prospect offor corporate bad debts and sharp falls in the Indonesian rupiah and South Korean won, dealers and currency experts said.
The only POSSABLE exposure to Cycomm seems to me to be from our Bookoop deal. If the conditions of the original deal still stand - I doubt we're effected. Might be worth a call to double check though.
Anthing more ever come out of Bookoop then an infusion of cash?
Regards,matt
CYCOMM ANNOUNCES FORMATION OF INTERNATIONAL
STRATEGIC PARTNERSHIP IN ASIA
Receives $3 million for acquisitions and working capital
March 25, 1997 - McLean, VA -- Cycomm International Inc. (AMEX: "CYI") today announced the formation of a strategic partnership with a consortium of Korean investors including Bookook Securities Co., Ltd. and Hanil Securities Co., Ltd. granting them non-exclusive rights to certain technology, products, and intellectual property in South Korea and elsewhere in Asia. Cycomm also announced the receipt of a US$3 million loan from these partners to be used for acquisitions and working capital.
Albert I. Hawk, the President and CEO stated "With this strategic partnership we are continuing our development of our network of alliances to further Cycomm's penetration of the international market. Our recently announced acquisition of Delta Data positions us well in Europe and we will continue to seek opportunities to broaden our presence internationally." Mr. Hawk further stated "I expect that a significant portion of the loan proceeds will be used to expand our manufacturing operations at our Sebastian, Florida and Montreal, Quebec facilities as we scale up to meet production requirements for the large contracts we have recently received for our PCMobile product. Additionally, these funds may be used to further Cycomm's growth through our program of strategic acquisitions."
The loan is in the form of 10% Convertible Notes due February 28, 1999. Although Cycomm intends to repay the Notes, the holders of the Notes may convert the principal into Cycomm common stock. Such conversion would be at a price equal to 90% of the market price over the 30 day period prior to conversion and shall be at a price not to exceed $6.00 per share nor less than $3.00 per share. The Notes may only be converted over a one year period in increments of up to 25% of the face amount in each 90 day period.
Bookook Securities Co., Ltd. was established in 1954 and is the fourth oldest securities firm in Korea with total assets of US$513 million and stockholders equity of US$286 million. Hanil Securities is a member of Hanil Bank, a leading commercial bank in Korea established in1932. Hanil has total assets of US$747 million and stockholders equity of US$331 million.
Cycomm International Inc., headquartered in McLean, VA with subsidiaries in Sebastian, FL, Portland, OR, Boston, MA and Albuquerque, NM, develops, provides and manufactures a variety of information technology products, including computers and computing systems, wireless and cellular devices, and secure communications products and other telecommunications services.
For further information, contact Laurie Rice, Director of Corporate Communications or Michael Skoff, Chief Financial Officer, at (800) 884-8544. For Cycomm investor information, contact Joe Procopio at (703) 506-1778. |
