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Tiscali denies it is selling out

Not 'cash-strapped' either

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Tiscali has strongly denied a report that Wanadoo or T-Online could buy the "cash-strapped" pan-European ISP within the year.

The FT cited an unnamed "senior Tiscali executive" as the source of the story.

The paper also quoted an assessment of the ISP by the bank J P Morgan, which concluded that Tiscali would run out of cash by the end of 2003 but would not generate any profit until 2006.

In a terse statement Tiscali rejected the report claiming it is neither selling the company or "cash-strapped".

Said the statement: "With reference to the article published today by the Financial Times titled "Wanadoo or T-Online 'may Buy Tiscali'", Tiscali firmly denies what is claimed in the article; as Tiscali is not in negotiations, or any kind of contact, with Wanadoo or T-Online in respect of selling the Company.

"Furthermore, Tiscali refutes that it is 'cash-strapped', as has been reported by the journalist, and draws attention to the Euro 150 million bond that it has just issued to increase the Company’s financial flexibility.

"Tiscali also confirms that it expects to be cash-flow positive in 4Q 2002," it said. ®

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