Aladdin and FAST complete merger; Shareholders approved the transaction.TEL AVIV, Israel--(BUSINESS WIRE)--May 28, 1996--Aladdin Knowledge Systems Ltd. (NASDAQ/NMS:ALDNF) today announced that on May 26 it completed the merger with FAST Software Security AG. The closing took place after the shareholders of both companies approved the transaction in which Aladdin exchanged 3.15 million Aladdin shares for all the outstanding shares of FAST Software Security. The transaction is accounted for as a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free . FAST Software Security, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. with headquarters in Munich, Germany, is one of the three largest firms in the international software security market, with 1995 revenues of approximately $13.5 million and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of approximately $6 million. FAST's Hardlock products, which are marketed in 20 countries, combine hardware and software to prevent unauthorized use of computer programs. FAST Security will continue to act as an independent German subsidiary, assuming global responsibility for the development, marketing, service and support for the Hardlock product line. "Our decision to create a partnership with Aladdin demonstrates our faith in Aladdin's future, its technological excellence and its management team," said Matthias Zahn, the Founder and major shareholder of FAST Software Security. "I am confident that, together, Aladdin and FAST Security will build the world's foremost software security company, and will benefit from their technological superiority, enhanced global market share and sturdy financials." Zahn, who is also the 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 FAST Multimedia Inc., a leading provider of PC-based video editing products, will join the Aladdin Board of Directors. "Having had the opportunity to work with the FAST team, I was very pleased to find out that apart from the business synergy, there is a great cultural bonding between both companies," said Yanki Margalit, Aladdin's Chairman and President. "By joining forces with FAST Security we will be creating an exciting future for Aladdin. Aladdin Knowledge Systems Aladdin Knowledge Systems NASDAQ: ALDN is a company that provides solutions for software digital rights management and Internet security since 1985. Its corporate headquarters are located in Tel Aviv, Israel. Ltd. is a leading supplier of advanced solutions for software developers. Aladdin develops, manufactures and markets proprietary software security and development systems, including HASP (Houston Automatic Spooling Program) A mainframe spooling program that provides task, job and data management functions. HASP - Houston Automatic Spooling Program (R) and Hardlock(R) which combine hardware and software to prevent unauthorized use of computer programs, and ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. (TM) (The Aladdin Smartcard Environment), an integrated toolkit for developing PC-based smartcard applications, and HOPE(TM) (The Human-Oriented Programming Environment), a revoluntionary object-oriented team development environment. Aladdin, a public company traded on 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 , currently has 5 international offices, distributors in 40 countries, and 20,000 clients in over 100 countries. CONTACT: Nurit Benjamini Aladdin Knowledge Systems 972-3-636-2222 or Katerina Charalambous The Anne McBride Co. 212-752-0504 |
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