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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Ben Wa who wrote (15435)	6/1/2001 5:27:53 AM
From: RockyBalboa	Respond to of 18998

New name, no money... last Q they showed $545K a definite bk candidate. biz.yahoo.com Thursday May 31, 1:35 pm Eastern Time Press Release SOURCE: IP AXESS, Inc. IP AXESS Continues to Seek Interim and Long-Term Financing PLANO, Texas, May 31 /PRNewswire/ -- IP AXESS (Nasdaq: RACE - news), announced today that it had received verbal notification terminating the non-binding letter of intent for long term financing, referenced in its May 15th earnings press release. IP AXESS further announced that it was continuing its efforts to secure both long-term and additional interim financing. ``The failure to successfully complete the long-term financing arrangements which we have been working on for the last several months and the continuing slowdown in the capital and enterprise markets, have placed severe liquidity pressures on our company, and has jeopardized the company's ability to continue to be viable as a ongoing entity,'' said Jim Scogin, Senior Vice President, Chief Financial Officer. ``However, we are engaged in continuing discussions with current and prospective investors who share our vision of the potential for our technology and our company. We intend to work diligently over the next few weeks to secure the necessary funding to allow this company to achieve its market potential, although we can give no assurance that the securing of both the interim and long-term financing will occur.'' About IP AXESS DATA RACE, Inc., is currently doing business as IP AXESS. ...