ATG Cygnet Inc. announces change in corporate structure.SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 15, 1995--ATG Cygnet cygnet a young swan. Inc. today announced that the company, previously a subsidiary of the French company, ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant Cygnet, S.A., is now a privately held U.S. corporation. This change in corporate structure positions ATG Cygnet Inc., a supplier of automated optical storage library See optical disc library. systems, to readily accept investment financing to fund new product engineering, development and marketing programs, including the introduction of its new Cygnature Series product family. As an independent corporation, ATG Cygnet Inc. will seek to secure investment financing and, ultimately, to become a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in the U.S. market. Innolion, the high technology venture capital development arm of Credit Lyonnais, remains the majority shareholder. Ranked by Dataquest as the largest U.S. supplier of automated library systems for 12-in. optical drives (32 percent of the 1994 worldwide market), ATG Cygnet Inc. is positioned to grow rapidly as computer industry trends drive market demand for reliable, very high-capacity storage technologies. The company's new Cygnature Series library, which supports 1/2-in. tape drive, CD drive and 5.25-in. optical technologies, was named as the "Showstopper showstopper - A hardware or (especially) software bug that makes an implementation effectively unusable; one that absolutely has to be fixed before development can go on. Opposite in connotation from its original theatrical use, which refers to something stunningly *good*. " Hardware Product at this year's annual AIIM (Association for Information and Image Management International, Silver Spring, MD, www.aiim.org) A membership organization founded in 1943 devoted to creating industry standards and disseminating information about the document management industry. Show and Conference. Scheduled for initial field trials late this year, the new library is designed for segments of the computer storage industry that are forecast to show strong growth through the end of this decade. "The industry's positive reaction to the Cygnature Series library confirms that we are on target in creating an intelligent, flexible storage library that accommodates a wide range of media to meet specific end-user storage requirements," said Bruce Bergman, president 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 ATG Cygnet Inc. "Combined with the strength of our profitable 12-in. storage library business in both commercial and government applications, the company is very well positioned to achieve significant growth." The company also announced that it has secured a $3 million line of credit from Imperial Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , to be used for ongoing operations as well as the introduction of Cygnature. This bank financing provides additional leverage and flexibility for short term investments by ATG Cygnet Inc. ATG Cygnet Inc. is a 10-year-old, international supplier of mass storage solutions. The company's robotic library and storage systems products are sold to OEMs and resellers worldwide, including Anderson Consulting, AT&T, BULL, DST Systems, EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. , IBM, ICL, PRC, Siemens-Nixdorf, Unisys and Wang. ATG Cygnet large format storage libraries, which support every major type of 12-in. optical drive now available, including the expandable Series 1800 family and the Advanced Storage Module. Both systems can be equipped with WORM drives from ATG Cygnet S.A. or Philips LMS, or REWRITABLE (magneto-optic) drives from Nikon. CONTACT: ATG Cygnet Inc. Dennis James, 408/954-1800 or FS Communications Matthew Schmidt or Wendy Lewis, 415/691-1488 |
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