ATEC Group, Inc. Announces Key Corporate Developments; Company To Re-Initiate Stock Buy Back Program; Nexar XPA Market Launch Scheduled For June/July 1999.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 26, 1999-- -- WAREFORCE.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. To Enter Strategic Relationship With ATEC ATEC Army Test and Evaluation Command (US Army; formerly OPTEC, Operational Test & Evaluation Command) ATEC Australian Tourism Export Council ATEC Advanced Technologies (Hamburg, Germany) -- ATEC Group, Inc. (Nasdaq:ATEC) today announced that management has elected to reinitiate a strategic stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. of its common shares in accordance with a 1997 Board-approved resolution. Management noted that the current undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. price of their common shares represent a significant opportunity for the Company to buy back and retire shares from its existing float to the Company's treasury. Terms and conditions of their current buyback strategy were not formally disclosed. In addition, the Company announced that the Nexar XPA XPA Xeroderma Pigmentosum, Complementation Group A (protien) XPA X Public Access XPA Extra Points Attempted (football) personal computer, the world's first, patented upgradeable PC platform, will be introduced to market via a nationwide sales and marketing campaign in June/July 1999. Surinder Rametra, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ATEC Group, Inc., stated, "The planned launch of the XPA system is creating tremendous excitement here at ATEC. Polling of our existing customers, as well as extensive consumer surveying, leads us to believe that we will experience a rapid ramp-up of orders for this new industry innovation immediately following our formal launch. Buoyed by an aggressive and cooperative advertising and 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 campaign, we intend to maximize early market awareness of the XPA in order to facilitate mass consumer purchase. This campaign will incorporate print and on-line advertisements targeting consumers , in addition to a pro-active direct telemarketing campaign to our ATEC clients. Each of our operating subsidiaries, to include ATEC One and Digital Arts, will play an important role in this industry-historic product launch." Continuing, Rametra added, "Despite the terminated merger with WAREFORCE.COM, I am pleased to report that our respective management teams have elected to pursue a strategic relationship whereby we will be working together to benefit our collective clients. Through cross-referral of customers, we expect that this positive relationship will prove profitable for both parties while providing our respective clients with enhanced customer service and value-added opportunities on the world wide web." Based in Hauppauge, New York Hauppauge (pronounced /hɔpɔg/) is a hamlet in the Town of Islip and the Town of Smithtown in Suffolk County, New York, United States. , ATEC Group, Inc. is a PC manufacturer of Nexar XPA technology, a leading system integrator and a provider of a full line of information technology products and services. As a one-stop company for the computer needs of businesses, professionals, government agencies and educational institutions, ATEC enters the new millennium with a technological arsenal that includes Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 remediation solutions, computer hardware, software, connectivity devices, multimedia products, data communication via satellite, video conferencing, system integration networking, high speed data transmission, graphic arts, Internet and Intranet. In addition, the Company has positioned itself for growth in telecommunications, outsourcing of IT professionals, and offshore software development. For more information on ATEC Group, please visit the Company's web site at www.atecgroup.com. Safe Harbor Statement under 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: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions, and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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