LG&E Energy Prepared To Replace Pacificorp Bid For Big Rivers
LOUISVILLE, Ky., Feb. 24, 1997 - The LG&E Energy Corp.
(NYSE: LGE) board of directors today gave approval for LG&E
Energy to replace Pacificorp in the existing reorganization plan of
Big Rivers Electric Corporation. This approval is the first step
required by the U.S. Bankruptcy Court for LG&E Energy to
participate in a March auction of Big Rivers, protecting creditors
and customers should Pacificorp choose to abandon its bid.
LG&E Energy will match the offer currently proposed by
Pacificorp to lease the assets of the Henderson, Ky.-based power
cooperative and provide for the long-term power needs of Big
Rivers' customers. Having met the court's requirements to begin its
due diligence review of Big Rivers, LG&E Energy Corp. now has
until the March 19 bid date to determine the amount of any
potential enhanced bid for the lease or purchase of Big Rivers'
assets.
LG&E Energy Corp. is an industry-leading energy services holding
company headquartered in Louisville, Ky. The company has assets
and operations in retail and wholesale power and natural gas
services and marketing. It has offices, operations and partnership
projects throughout the U.S., as well as in Canada, Argentina and
Spain.
SOURCE LG&E Energy Corp. /CONTACT: Claudia Hendricks,
LG&E Energy Corp., 502-627-2506, or pager, 502-421-6905/
Novell and Microsoft Win Ruling in Lawsuit With the Final Frontier
BBSPage
OREM, Utah, Feb. 24, 1997 - Novell, Inc. (Nasdaq: NOVL) and
Microsoft (Nasdaq: MSFT) announced they have received a
crucial ruling in their lawsuit against The Final Frontier Bulletin
Board System (BBS). The United States Bankruptcy Court for the
District of Arizona ruled that the system operator for The Final
Frontier is responsible for damages to the software companies.
Microsoft and Novell first became aware that The Final Frontier
was dealing in illegal software when investigators were able to log
onto the board using an alias and download the illegal software.
Further investigation revealed that The Final Frontier was a
member of two groups specializing in illegal software. The two
groups, Nokturnal Trading Alliance (NTA) and Rise in Superior
Couriering (RISC) are well known in the BBS world.
Investigators from Novell and Microsoft were able to verify 146
improper downloads in a very short period of time. The
Bankruptcy Court awarded $73,000.00 to Microsoft and Novell
based upon the number of illegal downloads of each company's
software. In its ruling the court stated, "The economic reality is that
any amount awarded is the functional equivalent of an economic
death sentence to this debtor ... if the debtor's financial
circumstances were better or the violations had been for profit, the
award would have been larger."
Harrison Colter, attorney for Novell, stated, "The judge's words
'economic death sentence' send a very powerful message. I hope
others get the message so that they do not suffer the same fate for
their illegal activities."
"Although we are competitors in the marketplace, the damaging
effects of software piracy greatly harm both of our companies and
ultimately the entire software industry and its consumers,"
commented Jim Lowe, Microsoft Corporate Attorney. "Neither
Microsoft nor Novell will stand by while bulletin boards illegally
offer our products to download."
Novell has established an anti-piracy group and telephone hot line
for reporting illegal use of Novell software or making related
inquiries. Call 800-PIRATES, 800-747-2837, or send e-mail to
piratesnovell.com.
Consumers with questions about the legitimacy of Microsoft
products should call the Microsoft Anti-piracy Hotline at 800-RU-
LEGIT or e-mail piracymicrosoft.com. To receive more
information about software piracy, call the Business Software
Alliance (BSA) Anti-piracy Hotline at 888-NO-PIRACY or
e-mail softwarebsa.org.
Founded in 1983, Novell is the world's leading provider of
network software. The company offers a wide range of network
solutions for distributed network, Internet, intranet and small-
business markets. Novell education and technical support
programs are the most comprehensive in the network computing
industry. Information about Novell's complete range of products
and services can be accessed on the World Wide Web at
http://www.novell.com.
Founded in 1975, Microsoft is the worldwide leader in software
for personal computers. The company offers a wide range of
products and services for business and personal use, each designed
with a mission of making it easier and more enjoyable for people to
take advantage of the full power of personal computing every day.
NOTE: Novell is a trademark of Novell, Inc. Microsoft is a
trademark of Microsoft, Inc.
SOURCE Novell Inc. /CONTACT: Karen Porter of Microsoft,
206-936-5992, or fax, 206- 936-7412, or Internet,
karenpormicrosoft.com; or Steve Kirk of Novell, 801-228- 8801,
or fax, 801-228-8875, or Internet, skirknovell.com/
Marbledge Group's reorganization plan approved
LAKE WORTH, Fla.---Feb. 24, 1997--The Marblege Group,
Inc. (NASD Bulletin Board: MBLG) today announced that its
Reorganization Plan was approved and confirmed by the United
States Bankruptcy Court February 12, 1997.
Marbledge had filed for protection under Chapter 11 of the United
States Bankruptcy Code on February 2, 1996, and has operated
under Chapter 11 since that time.
Substantial positive changes in the balance sheet will result from the
reorganizatoin due to a reduction in liabilities and an improvement
in equity as a result of the plan.
Company management is confident that with the reorganization
behind it, Marbledge will continue to grow its two product lines,
fabrication and installation of granite and marble for residential and
large commercial projects, and the tumbled marble product, Pietra
Rustica, which is distributed by over 300 dealers throughout the
country. -0-
NOTE TO EDITORS: In the Internet/email address noted in this
news release, there is an "at" symbol between rkccomm and
safari.net. This symbol may not appear properly in some systems.
CONTACT: Marbledge, Inc. Jonathan Friedman 561/585-7400
or RKC Communications Robert Kneeley 954/351-1976 email:
rkccomm@safari.net
Zonic Reports Decreased Operating Loss and Sales Gains for 3rd
Qtr. 9 Month Periods
CINCINNATI, OH - Feb. 24, 1997 - Zonic Corporation
(Nasdaq: ZNIC) reported a decreased operating loss and an
increase in sales for both its third quarter and nine month periods.
For the three months ended December 31, 1996, Zonic reported
an operating loss of $423,549 on sales of $950,491 compared to
an operating loss of $775,927 on sales of $421,623 for the three
months ended December 31, 1995.
Including a gain on the sale of an asset of $3,020,942, Zonic
reported net income for the period of $2,084,196 or 68 cents per
share compared to a loss of $858,616 or 28 cents per share in the
year-ago period.
For the nine months ended December 31, 1996, Zonic reported an
operating loss of $299,526 on sales of $3,140,765 compared to
an operating loss of $958,219 on sales of $2,674,991 in the
year-ago period.
Including the $3,020,942 gain on the sale of an asset, Zonic
reported net income for the first nine months of its fiscal year of
$2,015,747 or 66 cents per share compared to net income in the
year- ago period of $603,206 or 19 cents per share. The prior
year period included gains on the sale of an asset and debt
restructuring amounting to $1,814,302 or 59 cents per share.
James B. Webb, president and chief executive officer, said that the
gain on the sale of the asset reflected the company's sale of its
ZETA technology and software to A&D Company, Ltd. Webb
said the sale allows the company to retire debt and improve cash
flow through reduced interest expense. "Most important, however,"
said Webb, "the sale allows Zonic to focus its attention on
marketing and new products for market expansion." He said, "The
company's future is based on market and infrastructure changes not
dependent on ZETA technology."
Webb noted that third quarter results include a $385,000 loss from
the planned dissolution of Zonic A&D Company, a marketing
partnership with A & D Company, Ltd., whose function will be
assumed by Zonic. He said the company's operating expenses
were also increased by $400,000 for the write down of software
construction and product enhancement costs associated with the
expected decline in future large machinery monitoring system
revenues.
Webb noted that although the company was pleased with its third
quarter results, it was continuing its focus on increasing its revenues
and new order rate, and further improving productivity.
Webb said Zonic continued to experience cash flow problems and
was unable to improve materially on the aging of its accounts
payable and certain other accrued liabilities.
Zonic Corporation develops, manufactures and markets
proprietary software and computerized test and measurement
instrumentation. Zonic systems have broad application in product
testing, machine monitoring and product design verification.
Company headquarters are in the Greater Cincinnati metropolitan
area.
Income Statement
(Unaudited)
Three Months Ended Dec. 31
1996 1995
Product and service revenues $ 950,491 $ 421,623
Operating loss (423,549) (775,927)
Income (loss) before taxes
and extraordinary item 2,084,196 (858,616)
Net Income (loss) 2,084,196 (858,616)
Net Income (loss) per share $ 0.68 $ (0.28)
Weighted average
shares outstanding 3,044,136 3,093,580
Backlog of orders $ 452,000 $ 1,678,000
(Unaudited)
Nine Months Ended Dec. 31
1996 1995
Product and service revenues $3,140,765 $ 2,674,991
Operating loss (299,526) (958,219)
Income before taxes and
extraordinary item 2,015,747 205,931
Net Income 2,015,747 603,206
Net Income per share $ 0.66 $ 0.19
Weighted average
shares outstanding 3,044,136 3,093,951
Backlog of orders $ 452,000 $ 1,678,000
Balance Sheet
(Unaudited)
Dec. 31 March 31,
1996 1996
Assets:
Total Current Assets $ 3,783,672 $ 1,775,581
Property and Equipment - Net 332,702 1,467,185
Total Assets $ 4,116,374 $ 3,242,766
Liabilities:
Total Current Liabilities $ 6,715,891 $ 3,742,055
Long-Term Obligations -- 4,070,000
Deferred Rent 246,710 292,685
Shareholders' Deficit (2,846,227) (4,861,974)
Total Liabilities &
Shareholders' Deficit $ 4,116,374 $ 3,242,766
SOURCE Zonic Corporation/CONTACT: James B. Webb,
President and Chief Executive Officer, or John H. Reifschneider,
Controller, of Zonic Corporation, 513-248-1911, or Nicholas G.
Biro of Biro & Associates, Inc., 312-755-3597/