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Message subject : EISA news

This message was posted by kit on June 09, 2000 :

Eisa Ltd executive chairman Damien Brady said today the company had enough funds to carry on its business.

Asked if the company had only $1 million in cash, Mr Brady replied: "No."

"We have sufficient funds to be able to continue forward and put our plans in place," he said in an interview with AAP.

Asked about the company's cash burn, or cash spending, rate, he said: "It hasn't changed since we published our last figures about a month ago."

Trading in eisa's shares on the Australian Stock Exchange was first halted on June 1 after the stock crashed to an all-time low of 24.5 cents.

Mr Brady said the company was now reviewing a trading suspension announced on Tuesday, but did not say when it would be lifted.

He said the events surrounding Edge Australia - which was place in external administration yesterday - would not have any impact on eisa.

"It doesn't impact us at all," Mr Brady said.

"We don't have any shares in them and they don't have any shares in us."

Edge Australia's owner, Mr Johnson Wang was as of today no longer a director of eisa, Mr Brady said.

"He is no longer a director as of today. He did not put himself up for re-election," Mr Brady said.

Eisa's chairman Evan Rees had told shareholders at the company's annual general meeting this morning that eisa's future lies in merging with another company.

"We now believe the future of eisa lies with the company merging with another," he said.

When asked to expand on the move, Mr Brady refused, but did say: "We are in the midst of discussions with a number of people about the future of eisa."

He also said he was unable to talk about eisa's attempts to recover the $20 million deposit retained by OzEmail following the failure of a deal to buy the Internet business because of legal reasons.

He also did not want to comment on speculation eisa could become a takeover target.

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