Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : ANTs SOFTWARE.COM (ANTS) -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (482)	12/13/2000 11:00:35 AM
From: StockDung	Respond to of 607

Ants CEO Quits Two Weeks After Warning, Shares Fall Burlingame, California, Dec. 13 (Bloomberg) -- Ants Software.com Inc.'s shares fell as much as 32 percent after Frederick Pettit resigned as chief executive, two weeks after the software developer warned ``present cash resources will sustain operations'' only through January. Shares of the company, which says it has found a way to speed up data processing, have dropped 96 percent since peaking at $55.63 a year ago. In midmorning trading, they fell 72 cents to $2.22. Earlier, they traded at $2. On Nov. 28, the company said it was abandoning its new corporate headquarters as losses for its fiscal second quarter ended Oct. 31 widened 18-fold to $2.4 million. Ants said it had $1.6 million cash remaining on Oct. 31. Pettit, 64, in a brief telephone interview last night, 20 minutes after his departure was announced in a press release, declined to discuss his resignation as CEO and chairman. ``I'm very positive about the company,'' he said. ``It has never been in better shape.'' He wouldn't elaborate. Pettit also resigned from the board of directors, along with Dean Witter III, 53. John Williams, 60, was appointed interim chief executive, and Clive Whittenbury, 66, was named interim chairman. Both already serve on the board. Ants' latest quarterly loss included a $636,480 charge for costs incurred on a new corporate headquarters in San Mateo, California. The company has decided to give up its lease on a 15,000-square-foot space. The facility, leased a year ago at a cost of $50,000 a month, was never occupied. In January, the company, founded in 1979, moved its headquarters from the Santa Barbara home of Donald Hutton, its former chairman, to Burlingame. Pettit replaced Hutton as CEO in January after Hutton incorrectly identified himself as a certified public accountant in a company filing with the Securities and Exchange Commission. Hutton, 64, still owned 25.1 percent of the company, or 3.2 million shares, as of July 24, according to Ants' most recent proxy statement. In May, Ants said the Nasdaq National Market rejected its listing application, citing its financial condition, an ongoing Securities and Exchange Commission investigation of trading in its shares and the resignation of its auditor. Dec/13/2000 10:41 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.