Compu-DAWN to Seek Other Acquisitions and has Engaged Laidlaw & Co., Inc. as Its Investment Bankers Following Termination of Agreement to Acquire Interest in Company Which has Right to Operate On-line Russian Lottery.CEDARHURST, NY--(BUSINESS WIRE)--September 1, 1998--Compu-DAWN, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CODI CODI Cornucopia Of Disability Information CODI Committee on Development Information CODI Customers of Dynix, Inc. (user group) CODI Consortium Omscholing Docenten Informatica (The Netherlands) ) has terminated the agreement to acquire a 50% indirect interest in Press-Loto, the Russian limited liability company which has the right to operate a national on-line lottery in Russia. Compu-DAWN invoked its right to terminate the agreement after conditions to Compu-DAWN's obligation to consummate the acquisition were not fulfilled by August 31, 1998, the date by which those conditions had to be fulfilled under the agreement. Compu-DAWN intends to seek other acquisitions at this time and has engaged Laidlaw & Co., Inc. as its investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and advisor to assist it in identifying and exploring acquisition opportunities. In addition to seeking acquisition candidates, Compu-DAWN is continuing to pursue its core business in the ordinary course. Compu-DAWN currently has tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. in excess of liabilities of approximately $7 million, including cash on hand of approximately $6.5 million, and it has 3,166,507 Common Shares outstanding. Compu-DAWN, Inc. is in the business of designing, developing, licensing, installing and servicing computer application and communication software products and systems for law enforcement and other public safety agencies. The Company has developed, licensed and installed its system in more than 60 agencies, primarily located in the State of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . This press release may include certain 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. about the Company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the Company's filings under the Securities Exchange Act of 1934.
CONTACT: Compu-DAWN, Cedarhurst
Mark Honigsfeld
(516) 374-6700 Ext. 601
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