3Si Consummates Sale of Certain Divisions to Technology Integration Group.DENVER--(BUSINESS WIRE)--Aug. 13, 1999-- On June 30, 1999, 3Si Holdings, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TSIH) consummated the sale of its computer reseller, system integration, and staff augmentation divisions to Technology Integration Group (TIG n. 1. A game among children. See Tag. 2. A capacious, flat-bottomed drinking cup, generally with four handles, formerly used for passing around the table at convivial entertainment. ) of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , CA. The sale of assets will allow 3Si to focus business resources on the marketing, sales, integration and distribution of KEWi.net's Internet-based software and services. 3Si Holdings, Inc. owns 72% of KEWi.net. KEWi.net has developed KEWi an Internet-based customer support product. KEWi.net also has developed custom applications including the integration of two-way paging devices into business applications through the Internet. Additional Internet-based products and services targeted towards customer support are under development. The effective date of the asset sale to TIG is May 7, 1999. 3Si was paid $804,000 of the purchase price at closing plus $146,000 for expenses from May 7, 1999 to the date of closing. In addition to the $804,000 cash received at closing, 3Si will also be able to "earn" up to an additional $2,196,000 over a three-year period based upon the contingencies set forth in the agreement. In no event will the purchase price of the assets sold exceed $3,000,000. The proceeds of the sale of assets will be used for the retirement of 3Si's debt, business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and for the marketing, sales, integration and distribution of KEWi. TIG is a Private Minority-Owned National Computer Integration Company headquartered in San Diego, CA. TIG was founded in 1983 by current President Bruce Geier under the corporate name P.C. Specialists, Inc. TIG's sales revenues for fiscal 1998 were reported at $134 Million and are projected to reach $170 Million for fiscal 1999. The Company currently operates out of 14 locations across the Nation with its National Headquarters occupying 47,000 square feet of facilities in San Diego, CA. TIG offices are located in: San Diego, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Northern Los Angeles, Irvine, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Seattle, Las Vegas, Honolulu, Phoenix, Albuquerque, Salt Lake City, Philadelphia, Orlando, and Denver. For more information on 3SI Holdings, Inc. please visit our web site at http://www.3si.com. Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties detailed in the company's filing with the Securities and Exchange Commission. |
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