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- Path: sparky!uunet!crdgw1!rdsunx.crd.ge.com!peterpan!bownes
- From: bownes@peterpan.crd.ge.com (Keptin Komrade Dr. Bobwrench III)
- Newsgroups: comp.sys.super
- Subject: Update: Re: SSI in deep weeds - anyone know what's going on?
- Message-ID: <1993Jan25.184739.13207@crd.ge.com>
- Date: 25 Jan 93 18:47:39 GMT
- References: <1juv3oINN8vm@seven-up.East.Sun.COM>
- Sender: usenet@crd.ge.com (Required for NNTP)
- Organization: School of Corrective Phrenology
- Lines: 49
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-
-
- I just got this from someone in Eau Claire....
-
- Quotes from the interview/press conference on WAYY, a local
- radio station in Eau Claire. It pretty much confirms what I said earlier.
-
-
- 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
- --
- Bob Bownes, aka iii - "Fork twice to avoid zombies"
- Warning: This may contain opinions. They belong to me, not to Aule-Tek,
- Sun Microsystems, General Electric or anyone else. But you can rent them.
-