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Microcap & Penny Stocks : CHYRON CORP (CHY) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Hermesmann who wrote (262)	12/2/2001 11:32:03 PM
From: Rob Preuss	Respond to of 292

Thanks Bill!

To: Bill Hermesmann who wrote (262)	1/7/2002 6:46:14 PM
From: Rob Preuss	Read Replies (1) \| Respond to of 292

[Chyron Announces New Financing] Monday January 7, 8:41 am Eastern Time Press Release SOURCE: Chyron Corporation Chyron Announces New Financing and Increase in Bank Loans MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 7, 2002--Chyron Corporation (OTC BB: CYRO - news), manufacturer of the world's premier television character generators, graphics, routing and automation systems, announced today the completion of a private placement of Senior Subordinated Convertible Notes of $2,200,000, which closed on December 31, 2001. The Senior Subordinated Convertible Notes have a conversion price of $0.35 and mature on December 31, 2003. These notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The A and B Convertible Debentures have extended their maturity date to December 31, 2004. Chyron also announced an increase in its bank facilities in excess of $2,500,000 from its US and UK lenders. In conjunction with these steps, Chyron has completed a broad restructuring of its operations, reducing overhead by eliminating 26 percent of its staff and materially reducing fixed expenses. The costs associated with staff severance and professional fees incurred in these financings will approximate $1,000,000, which will be charged to earnings in Q4, 2001. Commenting on these announcements, Roger Henderson, Chief Executive Officer said, ``The achievement of this financing and the expanded banking arrangements signal a strong vote of confidence in our continued operations and future prospects. Last year was a transition year for Chyron. We have seen our Graphics division migrate from the once dominant Infinit product to the new and highly competitive Lyric/DUET products, which now account for nearly 100% of our Character Generator sales. We have faced the current economic realities head on and we have completed a corporate-wide restructuring. We believe that these changes, together with focussed expense control will mean that our cash break-even level in Q1will be substantially below our current sales run rate. Our sales have been holding steady and we have a strong future order book. Despite the uncertain economic outlook for the early part of this year we believe that we are now positioned to continue to compete effectively and deliver the market- leading, quality products and service that our customers expect.'' Full Story: biz.yahoo.com