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Technology Stocks : METRICOM - Wireless Data Communications -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (3350)	8/2/2001 11:12:57 PM
From: Glenn Petersen	Respond to of 3376

biz.yahoo.com Thursday August 2, 10:26 pm Eastern Time Press Release SOURCE: Metricom, Inc. Metricom to Terminate Network Operations Implements Further Staff Reductions SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 2, 2001--Metricom, Inc. (Nasdaq: MCOMQ - news), a high-speed wireless data services company, today announced plans to shut down its Ricochet wireless data network operations in all of its markets. The Company also announced an immediate staff reduction of 282 employees. Following yesterday's hearing in the U.S. Bankruptcy Court in San Jose, the Company's Board of Directors determined to cease operation of the Company's Ricochet network on Wednesday, August 8, 2001, to conduct an orderly wind down of the Company's business and to sell its assets. The sale of the Company's technology assets is expected to be conducted by auction on August 16, 2001. Metricom's remaining employees will carry out an orderly shutdown of the network over the next three weeks. In addition, a small team will remain with the Company through the end of October 2001 to oversee the liquidation process. Subscribers The Company anticipates that the Ricochet network will cease operation after Wednesday, August 8, 2001 and that subscribers will have access to e-mail accounts reliant on the Ricochet network until that time. For subscription information, subscribers should contact their Ricochet service provider. Resellers To assist with an orderly wind down of operations, the Company intends to work with its resellers and channel partners during the transition period prior to the network's shutdown on August 8, 2001. The Company will not be providing any additional comment at this time. For further information, please visit the Metricom Web site at www.metricom.com.