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Biotech / Medical : GUMM - Eliminate the Common Cold -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (4220)	1/11/2003 11:50:50 AM
From: DanZ	Read Replies (1) \| Respond to of 5582

Even your moniker is a farce. There's nothing to pay. The only credit facility that MTXX set up in May 2002 was with Comerica Bank, and in fact it is their only credit facility. According to the latest SEC filing, the company had not borrowed any money from the line of credit and did not anticipate borrowing any money from it. Quote from Matrixx's 10Q dated 11/4/2002 Our primary market risk exposure throughout 2001 and the first nine months of 2002 related to our variable rate revolving credit facility with Comerica Bank. As of the fiscal year ended December 31, 2001, we had an outstanding balance of $1.0 million against the facility. During fiscal 2001, the average outstanding balance on a daily basis was approximately $1.0 million. During the first quarter of 2002 we repaid this outstanding balance. We expanded our bank credit arrangement in May 2002 to provide an increase in our direct borrowing capacity to $2.5 million with more favorable borrowing rates and terms. We do not currently have any borrowings outstanding under the facility, and due to our cash position, do not anticipate borrowing under the facility to meet our immediate working capital requirements. According to the same 10Q, Matrixx had $12,358,460 in cash, $4,203,159 in account receivables, and $5,169,189 current portion of long term debt due. The debt is related to the purchase of 40% of Gel Tech LLC that Matrixx didn't own. The company could pay the entire amount from cash, but since they will be profitable this year, that won't be necessary. Mr. Carl Johnson has said this in numerous recent interviews, and it is obvious from reading the balance sheet and press releases concerning the company's 2002 profit that this is fact. After the $5,169,189 current debt is paid, Matrixx will have total outstanding debt of only $2,720,447, and that will be repaid in 2003 according to Mr. Johnson. At that point, the company will have 0 debt, plenty of cash, and growing sales and profits. You are short the wrong stock. By the way, the blurb that you posted is not from an SEC filing, it isn't clear where it came from, and you omitted pages 2 - 5. There isn't enough detail in page 1 to conclude that any amount is due, and in fact there's no indication that the amount of the credit facility is $5 million. As usual, you post innuendo with the intent to deceive. You want the truth as your moniker proclaims? The truth is that MTXX only has one outstanding credit facility, and as of the last SEC filing the amount due on it was $0.00. Try again, TheLieposter.