.... thanks Brenda.
This just hit the news wires..
Columbia Capital Corp. Reports Effect of Receivership of Best Bank
July 24, 1998 03:51 PM
FORT LAUDERDALE, Fla., July 24 /PRNewswire/ -- Columbia Capital Corp. CLCK (the "Company") today reported the following:
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) announced Thursday, July 23, 1998, that it was appointed receiver for Best Bank, Boulder, Colorado. The bank was closed on Thursday, July 23, 1998, by the Colorado State Bank Commissioner, and the FDIC was named receiver.
The Company derives a substantial portion of its revenue by processing credit card accounts for the former Best Bank. The FDIC as well as VISA have indicated the Company will continue processing these accounts for the FDIC under existing contracts.
Management of the Company believes that this event will have no significant effect on the operation, revenue or profitability of the Company. The Company continues to operate as it did previously.
The Company continues to add new business and to fulfill its obligations to current and new customers such as Millennium Health Card and The Check Cashing Stores. These new customers will begin adding accounts in August 1998.
Columbia Capital Corp. operates through its wholly-owned subsidiary, First Independent Computers, Inc. The Company is a multi-faceted information and transaction processing service organization. The services provided by the Company include credit and debit card processing and servicing, transaction processing for the health care industry, bank and financial services processing and document management and distribution services. The Company concentrates on a niche market, consisting of small to medium-sized financial institutions, retailers and health care providers that have not achieved the economies of scale to operate their own in-house programs and systems.
Forward-looking statements in this press release are necessarily subject to risks and uncertainties, which may affect the accuracy of such statements. Such risks may include any delays in the addition of business or loss of existing customers. For a full discussion of such risks, please refer to the Company's Form 10-KSB/A for the fiscal year ended December 31, 1997 and subsequent filings. The Company undertakes no obligation to update such factors or to publicly announce the results of any revisions to the forward-looking statements contained herein.
SOURCE Columbia Capital Corp.
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What this release says that the taking over by the FDIC will not have any effect on CLCK. The taking over of this account by the FDIC should not affect on revenues as the company moreover continues to add new business.
This reaffirms my thinking that CLCK is strong and viable. Revenues are increasing. Jeffery had the right idea to take advantage of this glitch and buy more blocks and watch CLCK soar. THIS IS A STRONG ENERGETIC COMPANY! .
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