Advent Technologies Inc. acquires NewReach Communications Inc.MIAMI--(BUSINESS WIRE)--Sept. 30, 1996--Advent Technologies 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 BB:AVTI) announced Monday that it acquired NewReach Communications Inc. ("NewReach") on Sept. 27, 1996 in a stock exchange transaction. In addition, the board of directors of Advent announced that it has effected a 1:100 reverse stock split, as well as approving a name change to NewReach Communications Inc. The board kept the authorized common shares at 60 million as well as the authorized preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. at 5 million. The board further elected to seek a symbol change from AVTI to reflect the name change. In the transaction Advent issued 3,880,278 shares of authorized but unissued post split common shares for all of the issued and outstanding shares of NewReach. The new capitalization of Advent has 4,428,871 shares issued and outstanding, of which 126,780 shares are publicly trading. Martin Swarzman, who will remain as chairman of the board, stated: "We are extremely excited with the closing of this transaction. NewReach is a young and dynamic Internet company with tremendous potential." NewReach provides national Web site design and hosting, application and software development, as well as national Internet access See how to access the Internet. . Richard R. Dwyer Jr., who has become president/CEO, stated: "NewReach has been growing steadily since its formation in December 1995. The merger with Advent will open up many opportunities which previously were not available to us." NewReach maintains offices in Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of and Deerfield Beach Deerfield Beach, town (1990 pop. 46,325), Broward co., SE Fla., on the Atlantic coast; inc. 1925. The development of high-technology industry and commerce expanded the town and more than doubled its population between 1970 and 1990. , Fla. For further information contact Daisy Campos Campos (käm`p  s), city (1996 pop. 391,299), Rio de Janeiro state, SE Brazil, on the Paraíba River near its mouth. at 305/448-0404.
CONTACT: Advent Technologies Inc., Miami Daisy Campos, 305/448-0404 |
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