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Gold/Mining/Energy : BPI, Big Picture Technologies -- Ignore unavailable to you. Want to Upgrade?

To: caveat who wrote (248)	6/27/2001 5:56:31 PM
From: caveat	Respond to of 249

Big Picture Announces Termination of BDC Financing -------------------------------------------------------------------------------- Advertisement -------------------------------------------------------------------------------- 13:29 GMT-04:00 Wednesday, June 27, 2001 NLK / FOR IMMEDIATE RELEASE Trading Symbol - BPI BIG PICTURE ANNOUNCES TERMINATION OF BDC FINANCING CALGARY, AB, June 27, 2001 -- Big Picture Technologies Inc. (CDNX:BPI): announced that it has it has been advised by the BDC that it will not complete the previously announced financing of $3 million to $6 million due to policy changes related to investments in public companies. "The termination of this financing has serious and far reaching implications for Big Picture," said Michael Anthony, president and CEO, "in that the financing was not only critical to implementing our customer acquisition strategy-the cornerstone of our growth plans this year-but it has also impacted auxiliary financings, linked to the BDC financing, which would have provided necessary operating capital." The Board and management of the Company are actively working to clarify the status of potential alternative financing and is vigorously exploring a range of options related to restructuring the Company as an ongoing viable operation. Shareholders will be updated as soon as information becomes available. In the interim, the Company has temporarily laid off most of the staff in the Calgary and Victoria offices. The principal revenue-producing units of the Company, the Online Solutions Division in Dallas and the Salasan subsidiary, remain unaffected. In a related development, the Company also announced Larry Goldberg has resigned from the Company's Board of Directors effective June 26, 2001. Anthony concluded: "This is unquestionably a critical time in the Company's development. But I want to assure shareholders that the Board and management remain committed to restructuring, refinancing and rebuilding Big Picture." About Big Picture Big Picture Technologies Inc. is a developer of award winning Internet e-commerce and e-business software for small and medium-sized businesses. Big Picture solutions enable small and medium-sized businesses to effectively build and market websites, manage e-commerce, and deliver online customer service. For more information, see www.bigpic.com.