This was done when the Company suffered significant losses on its current Ibex products due to increasing competition from Internet based applications and determined that the primary product under development by Ibex was not economically feasible. Because the intangible assets and goodwill recorded in connection with the Ibex acquisition as restated were entirely written off by the end of the third quarter of 1997, the restatement had no impact on the financial results for the fourth quarter of 1997 and will not have any impact on the Company's financial results for 1998 or subsequent years. Furthermore, the restatement had no impact on cash or cash equivalent balances during the previous reporting periods nor will it have any impact on cash flow for future periods. The Company is continuing to explore alternatives for enhancing stockholder value, including the possibility of merging with another company. C.E. Unterberg, Towbin is continuing to advise the Company with respect to potential opportunities in this regard.
Products are available through a worldwide network of distributors.
The Company also has relationships with selected original equipment manufacturers and system integrators and sells software enhancements and upgrades directly to end users.