Hello to All:
Interesting News release with linkage to GTE - certainly potential for the upside. However, the last quarterly report is a tad concerning…and I've seen no comments about it on the OOL threads.
From an earlier release, just prior to posting latest quarter…
News release Tue 24 Nov 98
Update - Co-Development Oriole Systems (OOL-V)
and IBM's Revolutionary SanFrancisco Project
…
I would like to quote Alex Gerenser, president of Oriole:
"We are reluctant to project revenues from both our NCompass and IBM SanFrancisco initiatives, but the potential is staggering. We are literally at the leading edge of new development within the exploding world of Internet technology.
…
Oriole may have a good product - with potential - but if they can't make their repayments - shouldn't folks here be a little more concerned? Have they caught up with their repayments - does anyone know? Did the bank allow them to restructure the terms of the loan?
Posted on SEDAR, Nov 30, 1998, Form 61(BC) - Last quarterly report (to September 30, ‘98)
sedar.com
[ Hit the 'View' button' ]
…
(last two paragraphs)
During the third quarter of 1998, the company's bank converted $600,000 of its $650,000 line of credit to a term loan, repayable at the rate of $30,000 per month for September through November, with the balance due December 31, 1998. The October principal payment is in arrears, and the company is attempting to work with its banker to restructure the term loan.
As of September 30, 1998, the company was in arrears to the Business Development Bank (BDB) with respect to principal, interest, and royalty payments aggregating $25,000. The company is also attempting to restructure this financing to match anticipated future cash flows.
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What's the consensus - invest and cross your fingers?
Just trying to be realistic - or have I missed something?
David.
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