Icon CMT Corp. and Cisco Team to Offer End-to-End Networking Services to Customers in North America
>Icon CMT Corp. (NASDAQ: ICMT), the tier-one Internet Solutions Provider, and
>Cisco Systems, Inc., the worldwide leader in networking for the Internet, today
>announced they are combining efforts to offer dedicated Internet services to
>corporate customers in North America.
>
>With a Cisco Powered Network, Icon CMT offers customers reliable, secure and
>high-performance Internet services. This relationship highlights Icon CMT's and
>Cisco's focus on using intelligent broadband IP networking to deliver enhanced
>connectivity and network-based applications.
Cisco, the world's most important producer of network routers becomes an internet service provider? Partnership between ICMT and CSCO? Wow!
It would be great news but of course this is all false.
Cisco just sells routers to ICMT.
ICMT is a customer of Cisco.
Almost all the Internet Service Providers on this planet use Cisco routers.
Cisco has always been selling routers to ICMT.
There is no "teaming", "combining of efforts", "partnership" or "relationship" between ICMT and Cisco other then the normal customer support relationship that Cisco has with it's customers.
From documents filed by ICMT with the SEC on 02 13 1998 (just a month ago):
>The routers, switches and modems used in the Company's communications
>infrastructure are currently supplied solely by Cisco Systems Inc. ('Cisco').The
>Company purchases these components pursuant to purchase orders placed from time
>to time, does not carry significant inventories of these components and has no
>guaranteed supply arrangements with Cisco. Cisco sells products to the Company's
>competitors and may in the future become a competitor of the Company. There can
>be no assurance that Cisco will not enter into exclusive arrangements with the
>Company's competitors or that Cisco will continue to sell its products or components
>to the Company at commercially reasonable prices, or at all. The Company from time
>to time has experienced delays in receiving components from Cisco.
In a similar case on 03/05/98 09:36 ICMT wrote:
>Icon CMT Corp. in Agreement with IBM Expands Network Coverage to 92 Percent
>of the United States [BusinessWire, 761 words]
Also in this case there is a customer relationship (ICMT customer of IBM) that is misrepresented as a wider "agreement" or partnership.
This misrepresentation of facts is illegal and can be used by every ICMT shareholder to start a class action lawsuit against ICMT, it's directors and officers.
Icon CMT and certain officers and directors of the company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by among other things, misrepresenting material information concerning the company, which significantly and materially affected the operations and future prospects for the company.
Specifically, the complaints may allege that defendants knowingly, willfully and intentionally misrepresented relationships with other Corporations.
If you are a member of the class who purchased Icon CMT common stock between the class period, you may move the court to serve as lead plaintiff for the class.
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