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Gold/Mining/Energy : MYT - Mytec Technologies
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To: antonio doria who wrote (751)12/13/1997 12:19:00 PM
From: stevie  Read Replies (2) of 1535
 
Heyn guys:

What do you think of the latest release? Can someone explain what it means and the impact it will have on the stock??? Also is it positive move?? (I copied it for your convenience)

Thanks

Regards

Stevie

Board approves a one-time charge for development costs

Mytec Technologies Inc MYT
Shares issued 23,094,780 Dec 11 close $1.48
Fri 12 Dec 97 News Release
Mr Thomas Grecco reports
The board of directors has approved a one-time charge of $8.4 million,
associated with the restructuring of the business and a change in market
focus, to be recorded in the fourth quarter of its fiscal year ending
December 31 1997. This charge includes costs associated with the
development of biometric products prior to the current product line which
the company does not intend to market actively in the near term.
In addition, the company has spent $550,000 on research costs, which will
be expensed in the current year.
The recognition of the one-time charge is an appropriate step for Mytec as
it moves forward in a focused way with marketing Touchstone, its first
commercial product.
Touchstone is a biometric security device created and developed by Mytec,
which uses fingerprint information to authenticate user identity and
provide secure system and network access. Mytec recently began delivery of
its first order of Touchstone units, in regards to a contract worth over
$100,000.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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