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Technology Stocks : Webvan Group (WBVN) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Ulrich who wrote (342)	3/6/2001 12:02:06 PM
From: dkgross	Read Replies (1) \| Respond to of 464

yup..but, sometimes, I tend to have a different opinion of 144 stock (having held some in various companies). I ususally waited to register to sell it when I thought something good was coming the way of the company that would cause the price to rise. I was fortunate enough not to ever be in the position that I tried to dump my 144's asap because the company was diving...guess I was lucky. I'm anxious to see the next 10q tho...

To: Bill Ulrich who wrote (342)	4/3/2001 6:04:35 AM
From: EL KABONG!!!	Respond to of 464

interactive.wsj.com April 3, 2001 Webvan Auditors Question Grocer's Ability to Continue By NICK WINGFIELD Staff Reporter of THE WALL STREET JOURNAL Webvan Group Inc.'s auditors have raised questions about the Internet grocer's ability to continue as a viable business, the company disclosed in its annual report Monday. Separately, the company said it has been sued by Amazon.com Inc., a shareholder in the Internet grocer, for allegedly breaching an advertising agreement between the companies. In an auditor's note in Webvan's annual report, Deloitte & Touche LLP included a sentence saying that Webvan "has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern." The language is part of a standard clause that auditors use when there is significant question about a company's ability to stay in business through the end of the year. Webvan, of Foster City, Calif., has said it plans to sharply cut the rate at which it is consuming its capital reserves, but it expects that it will need to raise capital in the fourth quarter. Robert Swan, Webvan's chief operating officer, said that Webvan would need an additional $5 million to $15 million just to stay in business through the year end. "We continue to purse different sources of financing," Mr. Swan said. In its annual report, Webvan also noted that it will face the delisting of its stock from the Nasdaq Stock Market if the company doesn't meet certain requirements before April 12. A notice the company received from Nasdaq on Jan. 12 informed the company its common stock had to sustain a minimum bid price of $1 or more for at least 10 consecutive trading days or face delisting. The company said it would have an opportunity to request a hearing with Nasdaq officials if it failed to meet its listing requirement. Shares of At 4 p.m. in Nasdaq Stock Market trading Monday, Webvan was down three cents a share, or 20%, at 13 cents. Webvan said Amazon, Seattle, filed its suit in Superior Court of the State of Washington for King County on Feb. 7. Amazon says HomeGrocer, an Internet grocer that Webvan acquired last year, breached an advertising agreement with it. Amazon, which owns about 6% of Webvan, is seeking a judgment against HomeGrocer of $6.25 million plus attorneys' fees and expenses, according to the Webvan report filed Monday evening. Webvan said in its report that it intends to "vigorously" defend against the suit. A spokeswoman for the company declined to comment further. Write to Nick Wingfield at nick.wingfield@wsj.com KJC