jerrys@watcsc.waterloo.edu (Jerry Sturge) (08/04/90)
8000 USERS SUFFER AS COMPUTER FIRM CLOSES Canada Remote Systems, the country's largest computer bulletin board system, is going in LIQUIDATION . The Mississauga, Ontario based board has 8,000 users with membership fees ranging from $90 for personals to $200 for corporations and executive. Although CRS boss Jud Newell will not confirm any figure, the board is thought to owe hundreds of thousands of dollars. One member recently renewed until the year 2000. He and other subscribers will be treated the same as other unsecured creditors for whom "no funds are available" and will lose the unexpired portion of their membership fees. CRS, founded in 1981, has 100 computers on which members exchange messages with each other and other boards across North America. It also provided programs at little or no cost. The cost of renting phone lines is thought to top $6000 a month plus long distance charges which are also substantial. Newell, 45 said yesterday the BBS provided a third of CRSs income. Another third came from hardware and software sales and remainder from the sale of modems which allow computers to communicate with each other over the phone lines. Newell said Bell Canada, CRS's largest unsecured creditor, and asked it to appoint a receiver. The Bank of Nova Scotia is CRS's other major secured creditor. Newell Blamed the failure on mounting costs and flat sales leading to a fall in anticipated revenues stemming from a sluggish economy. He also sited debts arising from an expansion last year. Newell has invited enquiries from anyone interested in acquiring CRS. He said he had already received expressions of interest in taking over the bulletin board and though it would take about $ 100 00 to make it a going concearn. CRS has three employees. It laid off more than a dozen workers earlier this year. Quoted from Local News Source