🚀 go-pugleaf

It is with sadness that a person emailed this note to me.
They wanted an anonymous post about SSI.  He did not want it
to seem like his company was gloating over the loss of a competitor.

--enm

Radio news conference -- Monday, January 25, 1993  11:15-11:45 a.m. CST

PREPARED ANNOUNCEMENTS

Steve Chen, President/Founder SSI
  - "Unable to secure additional funding"
  - "No alternative but to terminate the project"
  - IPO -- "cannot find investment banker willing to offer stock"
  - They are closing the doors, but will continue to pursue all funding
    possibilities. But he says, "after 2-3 weeks, it will be too late to 
    reverse the path we're now embarking on."

Adam Shear, Exec. VP of SSI
  - "have exhausted all funding"
  - Require $60 Million outside funding in 1993 to cover remaining 
    development and manufacturing ramp-up.
  - "We are AHEAD of the schedule put together two years ago."
  - It is possible that they can still get funding, but "we're not optimistic."
  - Employees will recieve benefits for 60 days, and wages for all vacation 
    accruals.
  - 320 employees (300 in Eau Claire), primarily engineering/technical
  - annual payroll = $15 million
  - "Employees were told that we're closing and ceasing all operations."


QUESTION/ANSWERS FROM THE PRESS

Steve Chen, President/Founder SSI
  - "2.5 ns benchmark shows that we've created the world's fastest computer"
  - "We do have a buyer ... commercial/government"
  - "We're a little behind the 5-year schedule, but accomplished more than
     planned"

Adam Shear
  - "We had expected to ship our first computer in October 1993"
  - "We have a number of patents"
  - "Highly unlikely that the 300 Eau Claire employees will find new
     employment in this area"
  - SS1 is 4-32 processors with entry price of $10 million