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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Michael who wrote (17556)	12/24/1998 1:00:00 AM
From: Michael	Read Replies (1) \| Respond to of 18263

12. FINANCIAL CONDITION Subsequent to September 30, 1997, the Company emerged from the development stage. Revenues since September 30, 1997 have not generated sufficient funds to finance operations. The Company will require additional financing until operations generate adequate cash flow to meet its financial obligations. Management is pursuing various funding alternatives and obtained financing from Zitel as discussed in Notes 10 and 13. Other existing obligations could make it difficult to obtain alternative financing. There can be no assurance that additional financing will be available. 13. SUBSEQUENT EVENTS In December 1998, the Company reduced its workforce by almost one-half.