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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: velociraptor_ who wrote (36780)	10/24/2001 10:54:20 AM
From: GBT	Respond to of 37746

I'm joining you on SURE puts, a lot of individuals don't realize that SURE is food only. TTN has the license for all other applications. SAN DIEGO, Oct. 17 /PRNewswire/ -- The Titan Corporation (NYSE: TTN - news) and SureBeam Corporation (Nasdaq: SURE - news) today announced that the Board of Directors of Titan has adopted a definitive plan to spin off SureBeam in the form of a tax-free stock dividend to Titan shareholders within the next 12 months. The plan involves filing a letter ruling request with the IRS seeking approval of the tax-free distribution. Titan intends to file the letter ruling request within the next few weeks and intends to execute the spin off as soon as practical following the receipt of that ruling. Titan has agreed, subject to the consent of its lenders, to purchase a perpetual and exclusive, non-royalty bearing license to use SureBeam's intellectual property on all applications other than the 1.8 trillion pound worldwide food, animal hides, and flowers markets in return for the following: 1) to make available to SureBeam a $50 million line of credit, 2) to convert the current $75 million debt owed Titan to equity via an exchange for SureBeam stock, and 3) a cash payment of $8 million.