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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: StocksDATsoar who wrote (88684)	7/26/2001 8:59:54 AM
From: Buckey	Respond to of 150070

comment on restructuring gains and this news. I have actually read income statements where restructuring gains were recorded and reported as revenue on the top line. I was a finance professional but not an accountant and that seemed a far fetched way of crunching the numbers. NWKC talks to restructuring gain here Applies to: NWKC) Network Commerce Announces Favorable Restructuring of Capital Ventures International Convertible Note; Restructuring of largest current liability strengthens balance sheet SEATTLE, Jul 26, 2001 (BUSINESS WIRE) -- Network Commerce Inc. (Nasdaq:NWKC), today announced that it has restructured and reduced its $11 million convertible note from Capital Ventures International (CVI). Under the terms of the restructuring, the convertible note and all warrants will be retired. In return, Network Commerce will pay CVI $2.2 million and issue a $1.5 million convertible promissory note. The promissory note will be due in 18 months and is convertible, at any time, into common stock at an exercise price of $2.00 per share at the option of CVI. The company anticipates recognizing an extraordinary gain of approximately $6 million from restructuring this note during the third quarter of 2001. This restructuring results in a reduction of current liabilities, reported as of June 30, 2001, by $9.7 million. See pro forma balance sheet attached. While CVI's lawsuit filed May 22, 2001, remains, the company believes that it has now resolved all business issues and intends to vigorously defend any remaining claims. Chairman and chief executive officer, Dwayne Walker, said, "We are happy to announce the restructuring and reduction of our largest single liability. The restructuring allows us to focus on driving our businesses toward further revenue growth and profitability." About Network Commerce Inc.