ATEC Group Signs Letter of Intent to be Acquired by Applied Digital Solutions.Business Editors HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 5, 2000 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 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), a major system integrator and provider of a full line of information technology products and services, announced today that it has signed a letter of intent to be acquired by Applied Digital Solutions, Inc. (NASDAQ: ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ), in an all-stock transaction. ADSX is the parent company of IntelleSale.com, Inc. This letter of intent supersedes the prior proposal, announced on April 12, 2000, for the merger of IntelleSale.com and ATEC Group. Under the terms of the letter of intent, ADSX would acquire all outstanding shares of ATEC Group common stock, payable in shares of ADSX common stock, at a rate of 1.25 shares of ADSX common stock for each share of ATEC Group common stock. ADSX is expected to retain key ATEC Group management. The transaction, subject to various terms and conditions, including approval by ATEC Group shareholders, is expected to close in July 2000. About Applied Digital Solutions, Inc. Applied Digital Solutions is a leading edge, single-source provider of e-business solutions. The company differentiates itself in the marketplace by enabling e-business through Computer Telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration Internet Integration (CTII CTII Comprehensive Technologies International, Inc. (TM)). With its five-year revenue growth (from 1994 to 1998), Applied Digital Solutions was ranked as the fifth fastest-growing technology company by Deloitte & Touche in its 1999 Technology Fast 500 listing. For more information, visit the company's web site at www.adsx.com. 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 leading system integrator and provider of a full line of information technology products and services. As a one-stop company for the computer needs of businesses, government agencies and educational institutions, ATEC Group offers computer hardware and software, system integration networking, 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. , Internet and Intranet. The company is positioned for growth through its capabilities as a PC manufacturer of Nexar technology, in software development and e-commerce. For more information, visit the company's web site at www.atecgroup.com. Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private 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. Reform Act of 1995. The Company intends that such forward-looking statements involve risks and uncertainties, and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. |
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