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Gold/Mining/Energy : Angoss Software Corp. V.ANC
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To: Crazy Canuck who wrote (424)4/8/1999 11:07:00 PM
From: keith massey  Read Replies (2) of 1006
 
Fourth really big eye catching tidbit for ANC.

In December 1997 ANC won a lawsuit award worth $8.9 million against Trifox of Campbell, California. They obtained an award for damages for $4.4 million and erasing a $4.5 million liability for future payments from its balance sheet. This lawsuit was fought because Angoss bought the rights to several of Trifox's computer programs in December 1993, but never received the documentation and software tools necessary to fully exploit its purchase.

This money has not been received by ANC yet and does not show up on its books. My first big worry was that ANC would not be able to collect their money after TRIFOX's appeal failed. However from the annual report (March 26, 1999) "the company has obtained financial statements for TRIFOX, confirming that its business is currently viable and profitable". In January, 1999 the Company received a cash offer from TRIFOX to settle the litigation, which the company has rejected. To turn down a cash offer ANC must be fairly sure it is going to win the case and be able to collect the full amount.

Also from the annual report it was mentioned that on March 12, 1999 TRIFOX appealed the decision and it will take 6-12 months before they ANC gets their money. From the annual report "Management of the company has been advised that the likelihood of a successful appeal by TRIFOX is remote"

After finding out about the lawsuit I was no longer worried about ANC cash position. It is now wonder insiders are loading up.

Best Regards
KEITH
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