Computer Support Associates, Inc. Files Its Plan of Reorganization.Business Editors NEW ORLEANS & DALLAS--(BUSINESS WIRE)--Aug. 23, 2002 Proxity Digital Networks Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pinksheets:PDNW) announces its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Computer Support Associates, Inc., (CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. ) currently operating under Chapter 11 bankruptcy protection, has file its plan of reorganization. The plan calls for a 100% pay out to creditors in the form of a convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and a negotiated settlement with the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. . The plan has not been approved by the courts. "If approved this action will remove approximately $1,500,000 in debt from the balance sheet of PDNW. This now allows CSA to focus on the GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. 1 contract which ends in December unless renewed by the GSA and additional opportunities in bidding on future government work," CEO Billy Robinson said. About Proxity Digital Networks, Inc. Proxity Digital Networks, Inc., (OTC Pinksheets:PDNW) is a New Orleans based integrated entertainment and technology company, with offices in Costa Mesa, CA and a Joint Venture office in Dallas, TX. PDNW's, (http://www.proxity.com) three divisions specialize in ISP, web hosting, online games, site development and end-to-end online solutions for the small-to-midsize e-business market, (www.linksimple.com), (www.triviaspot.com), Government contract fulfillment, high speed internet access and sales, (www.csa-solutions.com) and new technologies (www.proxitydigital.com). Statement Under 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 , With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to, product acceptance, economic, competitive, governmental, results of litigation, technological and/or other factors which are outside the control of the company. |
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