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Quotes & Info
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| ECNI.OB > SEC Filings for ECNI.OB > Form 8-K on 23-Mar-2009 | All Recent SEC Filings |
23-Mar-2009
Change in Directors or Principal Officers, Other Events
(b)
On March 17, 2009 the Company's Chief Executive Officer and Acting Chief Financial Officer, Sam Jankovich, Jr., informed the Company's Board of Directors that, upon advice of his personal doctor, he is taking a three month medical leave of absence starting March 18, 2009.
On March 17, 2009 the Company's Chief Executive Officer and Acting Chief Financial Officer, Sam Jankovich, Jr., informed the Company's Board of Directors that, upon advice of his personal doctor, he is taking a three month medical leave of absence starting March 18, 2009.
On March 18, 2009 the Company's Board of Directors determined to find, and did initiate a search for, a financial or strategic buyer for the Company. There can be no assurance, however, that a buyer will be found or that any transaction will result.
The Board of Directors cannot determine the financial viability of the Company at this time, and no assurance of the Company's continued operation can be given. The Company is past due on payment of rent at its principal office in San Jose, California and the Landlord has delivered written notice of default to the Company. In addition, a number of creditors of the Company, including the company providing hosting services for the Company's software product, have sent dunning notices to the Company and have threatened to cease providing services to the Company unless the Company brings its accounts with the creditors current. Unless the Company receives an immediate significant investment, or the Company is able to obtain a significant advance payment from a prospective client, the Company is unable to bring its accounts payable current at this time.
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