[Extra!Extra! ] PRESS RELEASE [ Extra!Extra!]

Network Technologies Group, Inc. shuts its doors
amid accounting irregularities and suspicion
John M. Collard, Chairman, Strategic Management Partners, Inc. was interim CEO for Network Technologies Group, Inc.
SMP Library
Articles of Interest

Strategic Management Partners [ tsigetarts]

A nationally recognized turnaround management firm
specializing in interim executive leadership, corporate renewal,
and post acquisition support for the private equity community.

Press Release   SMP Home Page   Contact SMP
SMP Library Index - Articles of Interest - Press
NTG Press Coverage Summary

Index

[Extra!Extra!] Baltimore, Maryland Network Technologies Group, Inc. ("NTG") today announced that it has recently doscovered certain accounting irregularities, which significantly altered the Company's financial position. The company has experienced a downturn in the telecommunications industry as well. The Company has confirmed that due to the situation, it has been unable to secure the funding necessary to continue its business. Consequently, NTG will permanently close all of its operations, including its facility located at 911 South Ann Street, Baltimore, Maryland, effective July 12, 2002.

"The situation has taken everyone by complete surprise, and we're extremely disappointed by this sudden and unexpected turn of events," said John M. Collard, NTG's new Interim Chief Executive Officer. "Unfortunately, we've had to immediately lay off nearly our entire work force. It's our goal to make this process as minimally disruptive as we can for our employees and our customers."

Friday, July 12 will be the last day for NTG's 125 employees working out of the Baltimore headquarters.

# # #

 

Index     Contact

We welcome constructive inquires. More information is available if required.

There is more to Strategic Management Partner's Return to Home Page


[Marble]   Contact Information

Index

John M. Collard, Chairman
Strategic Management Partners, Inc.
522 Horn Point Drive
Annapolis, Maryland [MD] 21403
Voice 410-263-9100 Facsimile 410-263-6094 E-Mail Strategist@aol.com.

We serve as experts for comment or quote, please contact us at 410-263-9100 [Telephone]

We welcome constructive inquires, please send via E-Mail to:   Strategist. [Mailbox]

[Return] Top   Index   Contact
SMP Library
www.StrategicMgtPartners.com
www.StrategistLibrary.com
www.StrategistArticle.com
www.StrategistFeature.com








Copyright © 2002 Strategic Management Partners, Inc. turnaround management and investing, Strategic Management Partners, Inc., tsigetarts