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YARC Systems Corp.,
900 Calle Plano,Units J/K,
Camarillo, CA 93012
YARC suspends operations
Camarillo, California, December 12, 2000: YARC Systems Corporation
(OTC: YARC) today announced that a continuing cash shortfall has
forced it to suspend operations.
Management will continue to seek a strategic partner or buyer.
During fiscal 2000, the Corporation has been executing on a business
plan that would lead to its achieving critical mass in the Internet-
enabled CTP marketplace. But, as disclosed in the 10KSB40/A filed with
the S.E.C. on May 15, 2000, YARC has been unable to find a bank that
will lend against the Standby Letter of Credit, and management has
subsequently sought to locate alternative sources of financing, either
from debt or equity lenders.
However the tight credit availability of the last several weeks has
made continued operations impractical.
The Board of Directors therefore decided to suspend operations,
effective immediately, and focus on the search for a strategic partner
or a buyer.
The Form 10KSB40/A filed on 15 May 2000 is available from the S.E.C.'s
Edgar system at the Internet URL:
http://www.sec.gov/Archives/edgar/data/843650/0000843650-00-000001.txt
Contacts:
Dr Trevor G Marshall, Chairman and CEO, (800)275-9272, [email protected]
