ALC Communications Corp. to acquire ConferTech International Inc. in cash transaction valued at $66 million.WESTMINSTER, Colo.--(BUSINESS WIRE)--Jan. 19, 1995--ConferTech International Inc. (NASDAQ/NNM:CFER) and ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. Communications Corp. (AMEX AMEX See: American Stock Exchange :ALC) Thursday announced that ALC has entered into a definitive agreement to acquire all of the outstanding shares of ConferTech in a transaction valued at approximately $66 million. ALC will make a cash tender offer of $8.00 per share, pursuant to the agreement that has been unanimously approved by ConferTech's board of directors. The tender offer will commence no later than Jan. 25, 1995. ConferTech is a leading provider of teleconferencing services and audio bridge equipment and is the second largest provider of teleconferencing services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . ConferTech has bridge installations in 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. , Canada, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . ConferTech expects to report revenue in the $44 million range for the fiscal year ended Dec. 31, 1994. "This acquisition is another important achievement for ALC and illustrates our desire to provide the highest quality and widest range of long distance products and services in the industry," stated John Zrno, ALC's president and chief executive officer. "ConferTech is an excellent fit with ALC both because of ConferTech's heavy reliance on long distance services and the specialized niche market that it serves. ALC has a strong commitment to consistently expand its value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. service offerings." H. Robert Gill, president and chief executive officer of ConferTech, said, "We are pleased that ConferTech will become part of the ALC family and we believe this transaction, which has been unanimously approved by our board of directors, represents an excellent value for our shareholders. ALC has given ConferTech's management a strong mandate to continue to grow and expand our teleconferencing services and equipment business. Our companies complemented each other in many ways and we will both be able to offer customers significant new benefits and features." ALC, based in Bingham Farms, Michigan, is the parent of Allnet Communication Services Inc., a nationwide provider of long distance and other telecommunication services to the small and medium sized business market. ALC reported revenue of $436 million in 1993 and $415 million for the first nine months of 1994. In addition to outbound long distance service, ALC offers 800 inbound service, travel service, international service, cellular service and a complete line of value-added services, including voice mail, teleconferencing, message delivery, broadcast facsimile and numerous information and audio text services. ALC operates from more than 50 sales locations across the country. CONTACT: ConferTech International Inc. James Downs, 303/633-3015 or Pfeiffer Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Inc. Jay Pfeiffer or Kim Smith, 303/393-7044 |
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