ATEC Group Inc. and Wareforce.com Terminate Previously Announced Merger; Companies to Move Forward With Joint Ventures, Strategic Alliances.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 19, 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. (Nasdaq:ATEC) and Wareforce.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:WFRC WFRC Western Fisheries Research Center WFRC Winnemucca Family Resource Center (Nevada) ) Wednesday announced that they have agreed to terminate their pending merger. The decision was made based on certain terms in their merger agreement that called for termination of the deal should the companies' share prices fall below certain levels. "We continue to believe that there are sound business reasons for a merger between ATEC and Wareforce. Because of this, we remain committed to revisiting the merger and its exchange terms should market conditions indicate that it would be in the best interest of both companies," Orie Rechtman, 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 Wareforce, said. "And, while we are obviously disappointed that the merger is not taking place at this time, we do not believe that this will deter the completion of Wareforce's S-1 registration or our Nasdaq application in the next 60-90 days." "ATEC as well is disappointed in today's announcement. However, it will not slow our pursuit of the exciting opportunities that lay ahead for us such as the transformation of the Nexar computer brand into a nationally recognized name and the growth and development of ATEC One and Logix Solutions," Surinder Rametra, chairman and CEO of ATEC said. Both Rechtman and Rametra stated that the companies will move forward with joint ventures and strategic alliances by aligning customer bases and making joint offerings. About ATEC Group, Inc. Based in Hauppauge, ATEC Group, Inc. is a leading systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and provider of information technology products and services. Its offerings include Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 solutions; computer hardware and software; connectivity devices, multimedia products; data transmission; graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. ; and Internet and Intranet services. ATEC is on the World Wide Web at www.atecgroup.com. About Wareforce.com Inc. Wareforce.com Inc. is a nationwide single-source provider of information technology, technical services and electronic commerce for Fortune 1000, small and medium-sized companies, government agencies and educational institutions. It also has a major stake in the online sales and auction site, uMember.com Inc. Wareforce is on the World Wide Web at www.Wareforce.com. This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Readers are cautioned to consider these risks and uncertainties and not to place undue reliance on forward-looking statements. |
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