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Strategies & Market Trends : GOLDBUG GURU's MONEY MAKING SYSTEM $$$$$ -- Ignore unavailable to you. Want to Upgrade?

To: mynoell who wrote (135)	8/1/2001 3:49:22 PM
From: Goldbug Guru	Respond to of 152

360networks receives protection order extension 360networks Inc TSX Shares issued 724,300,134 Jul 20 2001 close $.350 Jul 20 2001 5:18:57 Mr. Michelle Gagne reports The Supreme Court of British Columbia has extended to Dec. 31, 2001, the order providing the company protection under the Companies' Creditors Arrangement Act (CCAA). "We are pleased that our secured lenders and the Canadian court have approved the extension of our order," said Greg Maffei, president and chief executive officer of 360networks. "This extension provides us time to restructure our business plan in North America and sell key assets outside the United States and Canada." Mr. Maffei added, "The plan entails constructing and lighting an optical mesh network in North America and continuing to provide broadband services to our customers." The court order includes a cash budget through 2001. At this time, 360networks does not anticipate needing debtor-in-possession financing. On June 28, 2001, the company and several of its operating subsidiaries filed for protection under the Companies' Creditors Arrangement Act (CCAA) in the Supreme Court of British Columbia. The company's principal United States subsidiary, 360networks (USA) and 22 of its affiliates concurrently filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company has also instituted insolvency proceedings in Europe. For more information about 360networks, visit www.360.net. WARNING: The company relies upon litigation protection for "forward-looking" statements. delisted from nasdaq .. trading on OTC risk & reward .. no matter how it turns out 360 will still be worth 0.15 The stock is going thru consolidation right now.. once the fear dies down the price will slowly climb back to 0.15