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SEATTLE-Cellular Technical Services Co. Inc. said it will not proceed with its proposed public offering of common stock.
“Our decision not to proceed with the stock offering is based on several factors, including the effect on our share prices of the recent volatility in the stock market and the fact that the company has begun to generate cash from deployment of our Blackbird Platform and Pretect Anti-Fraud System, which we anticipate will be sufficient to achieve the growth goals that we have set for 1996,” said Stephen Katz, chairman and chief executive officer of CTS.
The company had filed a registration statement with the Securities and Exchange Commission for 1.7 million shares of common stock.
