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August 14, 1997updated 03 Sep 2016 8:25pm


By CBR Staff Writer

Internet Service Provider Earthlink Network Inc was forced to retract a statement that it will run out of cash by the end of the year (CI No 3,225). Trading in the Pasadena, California company’s shares was halted on Nasdaq at $11.625 after it revealed its cash problems in an official filing to the Securities and Exchange Commission. But this was quickly retracted and it said it is optimistic that financing will be available to address its current liquidity requirements. The company, which raised $26m in its January initial public offering, turned in net losses at the six month stage of $16.1m on revenue of $34.6m, up from a loss of $11.7m on revenue of $10.1m in 1996.

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