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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies

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To: MoneyMade who wrote (5934)	10/10/1998 10:14:00 AM
From: MoneyMade	Read Replies (1) of 119973

Hayes Corp ask 3/16 Modem Maker Seeks Chapter 11 NORCROSS, Ga. (AP) -- Hayes Corp. (Nasdaq:HAYZ - news), a computer modem pioneer that has struggled in recent years, has filed for Chapter 11 federal bankruptcy protection for the second time in four years. In the filing Friday in U.S. Bankruptcy Court in Wilmington, Del., Hayes said there were 500 holders of unspecified debt securities. It also listed assets of $96.8 million and liabilities of $92.8 million, both representing book value on Aug. 30. The claims of the 20 largest unsecured creditors are for trade or professional services. A judge wasn't immediately assigned to the case. The Norcross-based company, which introduced the first personal computer modem in 1981, now manufactures a variety of computer communications products. It filed for Chapter 11 in 1994 and emerged in 1996. Founded 20 years ago by Dennis Hayes, the company has seen its modem sales plummet in recent years. Hayes Corp. spokeswoman Marcy Palmer said operations were continuing normally Friday with the company's 500 employees. She said the company had run into ''a significant shortfall'' recently because of a heavy commitment to research and development of digital technology, remote access equipment and other newer technologies. Competition is fierce in the technology sector...change with the times or get left behind these guys came out with the first modem. -M$neyMade -------------------------------------------------------------------------------- More Quotes and News: Hayes Corp (Nasdaq:HAYZ - news)

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