Chronicle Communications, Inc. Announces Debt Reduction.Business Editors TAMPA, Fla.--(BUSINESS WIRE)--Feb. 24, 2000 Chronicle Communications, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRNC CRNC College Republican National Committee CRNC Controlling Radio Network Controller (3GPP) CRNC Center for Russian Nature Conservation CRNC Completely Reliable Network Concepts (NYC area Web hosting firm) ), (http://www.chronicleinc.com) announced today that during the period between January 28th and February 8th, 2000 it has reduced its non Bright Now, Inc. debt by $489,924. In various cash and stock settlements. Chronicle has successfully reduced its short and long term debt to better position itself for growth. In a written action by a majority of the Company's shareholders, the Company has recently increased its authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. to 100 million and has registered 40 million shares with the SEC. The shares are to be sold by the Company to fund the entrance of Chronicle Communications, Inc. into the Internet Integration and Business-to-Business marketing for small to medium enterprises (SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. ). "Several months ago I announced that debt reduction and balance sheet improvements would take place and they have. The Company is making improvements daily and will announce material improvements as they occur," said John V. Whitman Jr., Chronicle CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Special Note: Management believes certain statements in this press release may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the performance of the company's anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses. SOURCE: Chronicle Communications, Inc. |
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