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Q. How much cash will be available for distribution to shareholders.
A. As of June 30, 2007, we had an estimated $6.6 million in total cash reserves available. Of that amount, the net cash that will be available for distribution to shareholders (including the $2.4 million liquidation preference to the holder of the Preferred Shares) will depend primarily on when the Company will be in a position to make a distribution to shareholders, which in turn depends largely on the outcome of the IPO Litigation. The plaintiffs in that suit have not specified the damages that they are seeking against the Company. The proposed settlement of the matter would have not required any cash payment from the Company. However, as noted above, the issuers, including the Company, now assert that the settlement cannot be approved because of the recent Second Circuit's opinion. As a result, we have to date not been able to determine a fixed amount to set aside out of our cash reserves to secure any potential ultimate liability arising from this suit. The cash reserves are invested a variety of low risk liquid investments, which have earned and continue to earn interest income at rates of up to 5.2% per annum. The Company accrues expenses relating to the Preferred Stock Dividend in the amount of approximately $24,000 per month. The Dividend will continue to accrue until we make a liquidating distribution to the holders of the Preferred Stock, at which time the accrued Dividend will be paid. In addition, we incur ongoing expenses relating to officer and director compensation, and accounting and legal fees, and we expect to incur additional expenses associated with corporate tax filings for the Company.
For further inquiries, contact VIA NET.WORKS
By mail: VIA NET.WORKS, Inc., c/o Walter Miller, CPA, 107 Stonewall Court, PO Box 986, Stuart VA 24171, United States
By e-mail:
infovnwi@bellsouth.net 31.07.2007
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