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Technology Stocks : Plaintree (TSE:LAN,NASDAQ:LANPF)
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To: Charles Skeen who wrote (1452)2/13/1999 10:36:00 AM
From: Bron-y-aur  Read Replies (1) of 1606
 
Another news article from today's Ottawa Sun:

February 13, 1999
Plaintree survives deadline

By SUSAN TAYLOR -- Ottawa Sun
Long-suffering Plaintree Systems Corp. has dodged a bullet.
The company -- which hit a self-imposed 30-day deadline to find funding yesterday -- said it will remain in business for the "short term."
Recent layoffs of 50 staff coupled with custom design work and ongoing sales have extended the company's lease on life. But the Stittsville firm is still seeking life support from a partner or investor.
Chief executive Colin Beaumont wouldn't specify how much money Plaintree has in the bank or how long that will fuel operations.
"I don't want to comment on the window (of opportunity)," he said. "It depends on the revenues that we can generate."
The company has one full-time employee and three consulting groups that are searching for equity investors.
"We have a couple of very promising prospects on the table," said Beaumont. If either of those discussions were to conclude successfully, an announcement would come in the next 30-60 days, he added.
The firm, which develops and manufactures local area network switches, has a workgroup switch in prototype development. But without a partner or new equity, Plaintree can't bring the product to market.
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