CENTURY CITY, Calif., Feb. 27, 2002 (PRIMEZONE) -- Collaborative Financial Network Group Inc. ("CFN" or the "Company") (OTCBB:CFNF) (FRANKFURT:EFD) is a financial portal providing services through both an ASP (Application Service Provider) and a "white label" model to customers. Today the board of directors announced that the company has eliminated the majority of its outstanding debt and has been engaged in discussions to improve shareholder value and shape the future of the company.
President and Director, Jeff Michel, commented that, "the Board has worked diligently over the past several months to eliminate the debt that has burdened the company. We felt it essential to the vitality of the company to eliminate essentially all of its debt and divest the company of problematic or stalled business models. By taking this proactive stance we have been able to entertain several new alliance and partnership possibilities."
Mr. Michel further commented, "We are currently engaged in discussions with a group that is seeking a partner like us, to propel their business forward and gain entry to the public markets. A Letter of Intent has been executed."
Paul Lemmon, Director of CFN and Managing Director of Voyager Group of Companies (www.voyagergroup.com), characterized the new company as, "A company with significant assets and partnerships in the energy sector." Mr. Lemmon also noted that the Company had accepted the resignation of its Chairman, John Huguet and thanked Mr. Huguet for his service.
Companies interested in the synergistic possibilities at CFN, 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.