connectware agreementanybody know the effect of the connectware purchase on the share price. see extract of news release below. Epic has a guarantee of 391,000 shares to connectware shareholders at not less than (not a misprint) $10 a share. Talk about optimism.
45% of agreement has been bought out. so 55% represents and obligation of over 200,000 shares at $10 or 2 million.
"EPIC DATA INTERNATIONAL INC ("EKD-T;EPCDF-0") - Renegotiates Connectware Payment
Epic Data International Inc. announced it has renegotiated the amount and timing of a future payment owing in connection with its January 1999 acquisition of Connectware Solutions Inc. of Montreal.
Under the original terms of the acquisition Epic guaranteed that 391,453 common shares of Epic issued on the closing of the acquisition would have a market value of not less than $10 million on September 30, 2002. Epic has this day acquired approximately 45% of the guaranteed obligation for the immediate payment of $680,000 in cash and an agreement to issue 800,000 common shares of Epic on or before May 15, 2001."
If you want another laugh check this out from May 25, 2000
under analyst upgrade/downgrades.
"Epic Data International Inc. [T.EKD] +$0.10 to $2.90
Epic Data has been reiterated a 'buy' with an $8.00 12-month target by Jason Zandberg at Goepel McDermid."
Whoops!!! Only missed by 95%.