News

Internet unit rental company seeks cash for survival

December 22, 2002

LONDON -- Public Network PLC, which rents Internet units for use in the retail and entertainment industries, expects to delay its interim financial results as it seeks cash to fuel the company's survival.

A recent share sale by company directors raised nearly 92,250 pounds ($147,738 U.S.), but there have been delays in winning three key contracts, expected to have been finalized by Dec. 31, according to AFXnews.com.

The company claims it is also experiencing delays in setting up a trade finance agreement to borrow against cash held in its kiosks. Public Network's bankers have asked for a reduction in the company's overdraft policy by the end of January.