3Net announces name change and share consolidation.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Nov. 21, 1996--3Net Systems Inc. announced that at the annual shareholder's meeting held on November November: see month. 21, the shareholders approved a change in the company's name to Alternative Technology Resources Inc. George Van Derven, president and chief executive officer said, "Our new name reflects a fundamental change in our business from software products to information technology services." Van Derven went on to say, "The company has been engaged in successfully providing contract service employees to the information technology industry for the last 18 months. We are very pleased with our success so far in placing our employees in large U.S. corporations, and have had equal success in having these clients renew our contracts for successive periods. These renewals reflect the quality of the people placed with the client, combined with the strong need for the skills that the company's employees possess." Alternative Technology Resources will focus on providing contract service employees recruited from the former Soviet Union who come to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as foreign workers foreign workers Those who work in a foreign country without initially intending to settle there and without the benefits of citizenship in the host country. Some are recruited to supplement the workforce of a host country for a limited term or to provide skills on a for a period of three years. In addition, the company has developed a business partnership with a Latvian Joint Venture company, Prize ITM ITM See: In-the-money , for the creation and development of a software development center in Riga, Latvia, which will be used to provide off-shore programming services. In another development, the shareholders of Alternative Technology Resources also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a one for ten reverse stock split. Edward Lammerding, chairman of the board, indicated that this action was taken to reduce the number of shares outstanding to a level which would be considered reasonable by the financial community. The reverse stock split will be effective at the close of business on Friday, Nov. 29, 1996, and the company's common stock will begin trading on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under its new name Monday, Dec. 2, 1996. CONTACT: 3Net Systems Inc. George Van Derven, 916/498-3900 |
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