ATEC Group, Inc. Corrects and Replaces Previous Joint Venture Announcement, BW1324, NY-ATEC-GROUP.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 9, 1999-- 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) Group, Inc. Announces Joint Venture with Offshore Software Development Firm Relationship Creates Profitable Sales Opportunities For The Company ATEC Group, Inc. (Nasdaq:ATEC) announced today that they have entered into a joint venture with Softek Ltd., a privately-held, India-based subsidiary of the Dalmia Corporation, whereby ATEC will engage Softek's team of highly efficient, yet cost-effective, programmers to develop software applications on behalf of ATEC's clients. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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: "In response to expressed demand from our clients for customized software programming capabilities, ATEC initiated a search for a credible and capable partner to aid us in delivering this desirable service. India, and more specifically Softek, boasts a tremendous pool of programming talent which we can access under very favorable economic terms. This alliance further allows ATEC to facilitate software application development as part of our complete suite of systems integration services while gaining us a vital competitive edge in the industry. Moreover, this directly compliments ATEC's strong capabilities in Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 , Internet and e-commerce solutions already being delivered to our client base." Continuing, Rametra added: "The ATEC/Softek venture represents yet another step in the implementation of our strategic initiatives to create a comprehensive, one-stop-shop solution for our clients. Other strides include our upcoming launch of the NEXAR XPA XPA Xeroderma Pigmentosum, Complementation Group A (protien) XPA X Public Access XPA Extra Points Attempted (football) PC, which is scheduled for late Summer release. Expansion of our ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. division, ATEC One, continues to gain momentum. And, by focusing primarily on enhanced profit margins and aggressive cost-cutting measures, ATEC is establishing a solid financial foundation on which to promote future growth." About ATEC Group, Inc. 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 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 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. 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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