SPC contemplates its future

Harvard Graphics could be up for sale

It looks like Software Publishing Corp is putting Harvard Graphics up for sale. Following its run-in with NASDAQ, the Fairfield New Jersey company has hired Southeast Research Partners Inc (SERP) to provide investment-banking services. The conventional preamble to disposals. Software Publishing's president and CEO, Mark Leininger said only that: "SERP will pursue and evaluate traditional financing alternatives as well as alternative capital structures." Software Publishing was told last week that it can continue its NASDAQ listing, subject to certain conditions. It must file a report with the US Securities and Exchange Commission by December 15 showing net tangible assets, "no less than $3.5 million as of October 31… adjusted on a pro forma basis for any significant events or transactions". The company acknowledged that it needs to generate additional equity financing since it had only $2,970,128 of net tangible assets as of June 30, 1998. Another condition is a minimum $1 bid price for common stock by January 21, 1999, and a closing bid price of $1 or more for a minimum of ten consecutive trading days. Leininger said: "We are grateful that NASDAQ provided the opportunity to present our immediate and long-term growth plan and strategic objectives and… has decided to continue the listing… while allowing time to aggressively pursue profitable operations, equity financing and greater exposure in the investment community." Robert Gordon resigned as vice president of marketing and sales. ®

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