CyberAmerica Corp. Makes Announcement.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--June 19, 2000 CyberAmerica Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYAA) ("CYAA") was served with a search warrant on June 14, 2000, in apparent reference to the arrest and indictment of Allen Wolfson in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District 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 . CYAA has not been informed that it is, in any fashion, a target of the investigation and is not aware of any relationship it might have to any of the defendants named in the indictment other than with Wolfson. CYAA has reviewed the allegations made in the complaint and is in the process of determining what appropriate actions should be taken regarding its relationship with Wolfson. Upon obtaining the necessary information to make an informed decision, CYAA will make a determination regarding the best course of action to be taken. At this stage, there is insufficient information to make such a determination. In the event CYAA determines that it is in the best interest of CYAA to terminate its business relationship with Wolfson, CYAA's management is confident that it can continue to grow CYAA's business. If the business relationship with Wolfson is terminated, CYAA may consider buying out Wolfson's direct and indirect shareholdings in exchange for debt owed to CYAA from Wolfson or entities controlled by Wolfson. Wolfson is disclosed as a control person in CYAA's SEC filings based upon his stock ownership interests in CYAA, his familial relationship to the president of CYAA and that he has acted as a consultant to CYAA on numerous matters. CYAA is a diversified holding company that specializes in investing and developing undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. real estate and provides financial consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to public and private companies. These operations are expected to continue in a normal fashion for the foreseeable future. For more information on CyberAmerica's real estate holdings please visit www.cyaa.com. For more information on the CyberAmerica's consulting service please visit www.hudsonconsult.com. CyberAmerica strongly suggests that the above information be read in conjunction with its Form 10-KSB for Dec. 31, 1999 and Form 10-QSB for the quarter ended March 31, 2000. The above documents can be viewed at www.sec.gov. A number of statements contained in this press release are 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. which are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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 forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that CYAA may achieve may differ materially from any forward-looking statements due to such risks and uncertainties. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion