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Technology Stocks : CNKT - Connect Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Craig Russell who wrote (369)	7/6/1998 5:45:00 PM
From: TWICK	Read Replies (1) \| Respond to of 953

NEWS !! biz.yahoo.com CONNECT, Inc. Announces Preliminary Second Quarter Results and strategic Partner Initiative MOUNTAIN VIEW, Calif., July 6 /PRNewswire/ -- CONNECT, Inc. (Nasdaq: CNKT - news), today announced that, based on current information, the Company expects total revenues for its second fiscal quarter, ended June 30, 1998, to be in the range of $1.5 to $1.7 million, as compared to total revenues of $2.25 million in the prior quarter. It is expected the Company's net loss will be improved over that reported in the prior quarter and that the net loss for the current quarter will be less than $2 million. The Company also announced it has hired Alliant Partners, a Palo Alto, California-based investment banking firm, to assist the Company in evaluating opportunities to enhance stockholder value through strategic relationships, including those that could lead to the sale of the Company. The Company further stated that it was not currently engaged in serious negotiations with any third party concerning such relationships and that no assurance can be provided that the Company will succeed in enhancing stockholder value through these actions. Craig Norris, CONNECT's president and CEO, commented, ''Upon assumption of the role of CEO approximately three months ago, I performed an assessment of the actions required to improve CONNECT's current operating results and future prospects. At that time we embarked on an aggressive cost-reduction program to better align our expenses with our current sales. The expected improvement in our operating loss is a testament to our success in this area. We have consistently demonstrated the efficacy of our products to existing customers, including AT&T Wireless, Moore Business Forms, Snap-on Tools, Maintenance Warehouse and others. Currently, we believe our sales effort has been hampered by our size and relative lack of visibility. We believe the best course for bringing more new customers into our installed base is to develop strategic relationships, and look forward to working closely with Alliant Partners to obtain these objectives.''