Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Citadel Computer Systems, Inc. ------CITN -- Ignore unavailable to you. Want to Upgrade?

To: Jxcxjx who wrote (949)	6/22/1998 4:18:00 PM
From: thomas oakley	Read Replies (1) \| Respond to of 1968

www1.freeedgar.com well this is the link to where the form is filed--couldnt get the link to work so you could just click on it

To: Jxcxjx who wrote (949)	6/23/1998 10:05:00 PM
From: 4word	Read Replies (1) \| Respond to of 1968

The next product to be released looks like a winner to me. Beta testing will hopefully go well and product released to public soon. The comment 'CSD will create the most secure...available' is a bold statement indeed...given the competition. However, IMHO, management will deliver and the market will respond. Hopefully, System Plan has their copy and will have available for Asian distribution concurrent with release here in the States. Start annual rpt pg 9 here..... CITADEL SECURE DESKTOP ("CSD"). To be released in beta during the second quarter of fiscal year 1999, CSD is being jointly developed by the Company and Millennium. Combining technologies from both companies, CSD will create the most secure Windows desktop PC operating environment available. CSD will be positioned and marketed to large corporations running large heterogeneous networks combining mainframes, minicomputers, LAN/WAN servers, and desktop client PCs. Key features will include single sign-on, idle logoff (utilizing NetOFF technology), desktop configuration (utilizing WinShield technology), file and folder encryption (using FolderBolt technology), Internet monitoring and blocking features, and a customizable GUI shell. end here...... Seeing these products are designed to work on Microsoft platforms, glad to see the court rule in their favor, on appeal, today. In other news....check out the reduction is uncollected accounts for fiscal yr '97 vs '98. The reorg certainly addressed this problem. start p28 annual rpt..... Provision for uncollectible accounts decreased from $1,984,113 for the fiscal year ending February 28, 1997 to $368,897 for fiscal year 1998, or a decrease of $1,615,216, or 81.4%. Under the Company's previous telemarketing sales model, the Company generally delivered its products to customers on a 30-day trial basis following receipt of a signed trial agreement. The Company only recognized revenue if the product had not been returned within the 30 days in accordance with the terms and conditions of the trial agreement. Numerous disagreements arose between the Company and its customers regarding the customer's obligation to pay for products delivered. The Company believes these agreements are legally binding contracts and intends to continue to pursue the collection thereof. However, the Company provided an allowance for returns and doubtful accounts of $2,500,000 and $681,000 as of February 28, 1997 and 1998, respectively, to cover the potential for uncollectible accounts. Due to trouble encountered by the Company with this sales model, the Company, during fiscal 1998, changed its sales model to a more traditional VAR, reseller, OEM and joint venture model. As a result of this change, the Company conflicts with its customer have been substantially reduced and collections have been significantly improved. end here.... Freeedgar and the link below will likely provide all the latest filing to SEC. Enter 'Citadel Computer' for the company when doing search. edgar.stern.nyu.edu Read the entire annual report to get a realistic look at what is a very competitive and dynamic marketplace. The risks are many but if overcome the rewards will follow. Good luck!!!