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Source: CNT Nixed TrueSAN Bid

CNT (Nasdaq: CMNT) backed out of its bid to acquire TrueSAN Networks Inc. at the last minute, prompting TrueSAN's backers to pull their financial support last month and lay off most of its employees, a former company insider tells Byte and Switch.

Meanwhile, TrueSAN's Website is once again operational after being offline for about a week. The site now lists Mark Hoover, president of consulting firm Acuitive Inc., as the interim CEO. According to his bio on the Acuitive Website, "Mark often takes on the role of interim CEO or acting VP of marketing for clients that require it." [Ed. note: He's also available for bar mitzvahs and weddings.]

But it remains unclear whether TrueSAN intends to try to make another go of it -- and attempt to license its SAN management software to other vendors -- or if the skeleton crew at the company is merely trying to unload its assets to the highest bidder at this point (see TrueSAN Goes Belly-Up).

Reached for comment late Thursday, Hoover told us: "I'm just getting ramped up and don't have anything to comment on right now other than to say if this doesn't work out I'll just go back to doing bar mitzvahs."

Vincent Occhipinti, managing director of Woodside Fund and chairman of TrueSAN's board, did not respond to requests for comment. A message left in TrueSAN's general voicemail system today was not returned.

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