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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Mcglen Internet Group Retires Most of Its Debt

March 29, 2001|Dow Jones

Mcglen Internet Group Inc., a Tustin specialty technology company, said Wednesday that it eliminated nearly all of its debt, other than normal recurring monthly costs.

Mcglen called the $4.4-million debt reduction "a critical milestone" in its pending merger with Lan Plus Corp. The company said it completed several cash payments and conversion agreements, leveraging its founders' common stock pool established last August.

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