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Article: Cyco.net Inc. Exits Online Cigarette Business.
- Article from:
- Business Wire
- Article date:
- July 28, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--July 28, 2003
Today Richard Urrea, president of Cyco.net Inc. (OTCBB:CYKE) announces: As of July 1, Cyco.net Inc. is no longer in the online cigarette business and has sold its domains and processing software.
Due to the cost needed to defend the company from various legal claims, the management felt regardless of who is right, the cost to defend the company would bankrupt the company. Also, the stigma of tobacco has had an adverse effect on the company's stock value. The company plans to utilize the $5 million equity line it has in place to venture into another line of business.
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