CENTURY CITY, Calif., Nov. 27, 2001 (PRIMEZONE) -- Collaborative Financial Network Group Inc. ("CFN" or the "Company") (OTCBB:CFNF) (Frankfurt Stock Exchange: EFD), a financial portal providing services through both an ASP (Application Service Provider) and a "white label" model to customers, board of directors adopted a "poison pill" plan to guard against any hostile takeover bids.
President and Director, Jeff Michel commented that the Board passed on several measures today to enhance and preserve shareholder value. "We felt it prudent, in light of our current market value, to implement a strategy to protect our shareholders, employees and management so that the company may continue to progress its business plan without hindrance or distraction."
The company stressed that the stockholder rights measure was adopted as a precaution and not in response to any known takeover proposal.
Mr. Michel further stated, "The Board will continue to entertain any sound business opportunities."
Companies interested in utilizing CFN's turnkey applications may contact the Company at: cfnusa@adelphia.net, attention: Jeff Michel.
Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the Company to complete the transaction and enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future