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Gold/Mining/Energy : AIT Advanced Information Technologies Corp.
AIV 5.285-0.8%3:59 PM EST
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To: Matchbox who wrote (67)7/24/1998 10:21:00 PM
From: wayne cath  Read Replies (1) of 130
 
Globe says firm moves to adopt shareholder rights plan

AIT Advanced Information Technologies AIV
Shares issued 6,015,500 Jul 23 close $0.55
Fri 24 Jul 98 In the News
The Globe and Mail reports in its Friday, July 24, 1998 edition that AIT is
moving to adopt a shareholder rights plan, just in time too, given that its
shares slumped to a record low yesterday when it gave up 25 cents to close
at 55 cents. The Globe's Market Movers column reports that AIT, maker of
electronic security systems, reported a small operating profit in early May
on revenue of $5.3-million. But those results weren't enough to halt the
slide in share price, which accelerated this week. The stock has fallen 39
per cent since July 16 and is far below its 52 week high of $3.15. AIT's
market capitalization is now just $6-million, less than a third of its
annualized sales. Management says there is no outstanding bid for the
company, but the latest drop in share price make the August 21 meeting to
vote on the shareholder rights plan very timely, says the Globe.
(c)
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