ESNI Files Chapter 11 and Will Pursue Claims Against CRC.Business & Technology Editors TRUMBULL, Conn.--(BUSINESS WIRE)--May 30, 2002 ESNI, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ESNI) announced today that it had filed for protection under Chapter 11 of the US Bankruptcy code Bankruptcy Code may refer to:
According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Michael A. Clark, President, "We are very disappointed that the lack of performance by CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. under our agreements -- specifically CRC's failure to meet its loan commitments which would have enabled ESNI to settle out all the claims of our unsecured creditors - has left us with little alternative but to file for protection while we vigorously pursue our claims against CRC on behalf of all ESNI stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . If we are successful, we believe the Company can reorganize and emerge from bankruptcy." About ESNI, Inc. Headquartered in Trumbull, CT, ESNI, Inc. (OTC BB: ESNI) is a holding company that owns a majority share in E-Sync Networks, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . E-Sync Networks, LLC is a joint venture between ESNI and Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Consultants, Inc., providing an array of enterprise messaging and network solutions, including: IT infrastructure and network design and implementation; reliable, high-quality messaging; secure, high-performance hosting; system management and integration services, technical help desk and application development. ESNI's largest stockholders are New York-based venture fund Commercial Electronics Capital Partnership, LP and Viventures, the venture capital arm of Vivendi (NYSE NYSE See: New York Stock Exchange : V). More information can be found on the Internet at www.esyncnetworks.com. Certain of the above statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Actual results, events, and circumstances (including future performance, results, and trends) could differ materially from those set forth in such statements due to various factors, risks, and uncertainties, including, but not limited to, risks associated with the Company's future growth and operating results, the uncertainty of market acceptance of the Company's products, technological change, competitive factors, and general economic conditions. Except as otherwise required to be disclosed in periodic reports required to be filed by companies registered under the Exchange Act by rules of the Securities and Exchange Commission, the Company has no duty and undertakes no obligation to update such statements. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion