ATEC Group Inc. Announces Strategic Growth Plan.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Oct. 14, 1997--ATEC Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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) ), a leading provider of computer solutions, Tuesday announced plans to increase the board of directors to five and add two outside directors. George D. Eagan and David C. Reback have been nominated as directors. Eagan is vice president of sales of Bluestone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital and has been president of Eagan Associates Ltd., both venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] . Reback is a partner with Reback & Potash, L.L.P., a law firm specializing in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , appellate matters and real estate. The company believes that Wall Street is beginning to recognize the intrinsic value of ATEC. The company continually seeks to enhance shareholder value and maintain a solid shareholder base. It is pursuing a stock price that is a reflection of the growth ATEC has achieved and, in turn, attract institutional investors. To achieve this, the board of directors has recommended a reverse stock split of one share for each five shares held, which will be voted upon at the upcoming annual meeting on Nov. 18, 1997. 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. Surinder Rametra stated: "The reduced number of shares will eliminate the dilutive effect on earnings per share and reduce stock price volatility. Also, the more stable stock price and reduced outstanding shares will position the company to achieve a faster growth rate by improving the opportunities to secure acquisitions." He continued, "In keeping with our current business plan, which calls for strategic acquisitions, we believe this move will position us globally, as well as nationally." ATEC recently reported record results for fiscal 1997. Net income for the year increased 102% to $1,693,073 or $.06 per share, compared to $838,346 or $.03 per share for fiscal 1996. Fiscal 1997 revenues were $100,841,362, up 23% from $81,812,045 for the prior year. ATEC Group Inc. is a leading system integrator and provider of a full line of information technology products and services to business, professionals, government agencies and educational institutions. ATEC offers leading computer hardware, software, connectivity devices, multimedia products, data communication via satellite, video conferencing, Internet, Intranet and Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 solutions to their clients. CONTACT: Continental Capital & Equity Corp. Michael Irving, 407/875-1110 or ATEC Group Inc., Hauppauge Surinder Rametra, 516/231-ATEC (2832) |
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