Peripherals Industry News SampleMay 28, 2002 02:25:17
LIQUIDITY ALERT: Cirtran Has $7.8 Mln Working Capital Deficit
FREDERICK, Maryland (SunStream News) -- Cirtran Corp., the largest non-captive contract manufacturer in Utah, providing complete turn-key solutions, reports $10 million of current liabilities and $2.2 million of current assets, or a working capital deficit of $7.8 million, at yearend 2001, regulatory documents show. The West Valley City, Utah-based company says it incurred substantial losses from operations in 2001 and 2000 and had accumulated deficit of $13 million and a total stockholders' deficit of $7 million at Dec. 31, 2001. The company had a $2.8 million line of credit, which was purchased by Abacus Ventures Inc., an entity whose shareholders include the Saliba Private Annuity Trust, a major shareholder of the company. A total of $2.4 million, plus $380,927 in accrued interest, was owed to Abacus. The company has exchanged about 20 million common shares $1.5 million in principal amount of the debt.
ss/bal
Source: Liquidity Alert
Publication Date: 2002-05-28
NWS: ERN FNC
COY: CIRT
IND: AUT NET HEA MTC PEL TLS
GEO: n-us-ut
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