Symplex Communications to Cease Operations.Business Editors LINDEN, Mich.--(BUSINESS WIRE)--March 29, 2001 Symplex Communications Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :SYC SYC Seychelles (ISO Country code) SYC Sierra Youth Coalition (Ottawa, ON, Canada) SYC Safaris Y Cacerias (Argentina) SYC Senior Youth Challenge SYC Systems Concept SYC Serve Your Country .U.), today announced that after unsuccessful efforts to sell the assets of the Company, it is ceasing operations and will liquidate Symplex. Tom Mayer, Interim President & 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. stated, "Since I assumed the position of Interim President & CEO in September of 2000, we have vigorously and exhaustively pursued all potential opportunities to obtain a buyer of Symplex's assets. However, no viable offer has been presented that would benefit the shareholders. Since the beginning of 2001, a member of the Board has provided interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. to allow the Company to meet day to day operating costs in anticipation that a buyer could be found. But at this time Symplex has neither the cash to continue the operations nor the financial ability to fulfill its obligations to maintain its SEC registration and/or its CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. listing. The lack of operating funds and the lack of any viable offer or any anticipated offer to purchase its assets leaves Symplex with no alternative but to cease operations as an on-going entity. All employees will be terminated on March 30, 2001." About Symplex Communications Symplex, a publicly held company, is traded on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) under the ticker symbol SYC.U. For more information, call (480) 502-9294. Signed By: Tom Mayer Interim President and CEO The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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