Alanco Acquires Storage Networking Company, Excel/Meridian Data Inc.Business Editors/High-Tech Writers SCOTTSDALE, Ariz.--(BUSINESS WIRE)--June 22, 2000 Alanco 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 : ALAN) Thursday announced the acquisition of Excel/Meridian Data Inc. ("Excel/Meridian"), headquartered in Dallas, a provider of data storage networking products and services. The acquisition follows Alanco's previously announced business strategy to reposition the company in the data storage industry. Excel Computer Corp., established in 1994, acquired certain assets of Meridian Data Inc. in April 2000, from the Quantum Corp. to form the new Excel/Meridian Data Inc. company. Both Excel Computer Corp. and Meridian Data Inc. are recognized as leading providers of optical storage devices, such as CD/DVD-ROM servers. Excel/Meridian's extensive client base, ranging from mid-size to Fortune 1000 companies, is now being utilized to aggressively expand into the fast-growing Network Attached Storage (NAS (1) See network access server. (2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular ) market segment. Excel/Meridian Data Inc. was acquired by Alanco in a cash and stock transaction valued at approximately $2 million and will operate as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the company. Excel/Meridian will record profitable sales revenue of approximately $6.5 million in the 12-month period ending June 30, 2000, and is projected to contribute sales in excess of $8 million in Alanco's new fiscal year beginning July 1, 2000. Excel/Meridian President and Chief Executive Officer, Richard Vanek, stated, "We expect that our sales growth, particularly in the dynamic NAS market, can be significantly enhanced through access to Alanco's financial resources, and longer term through synergy with Alanco's Storage Area Networking (SAN) capabilities." Robert R. Kauffman, Alanco 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. , stated, "The benefits of this acquisition are very significant. Strategically, Excel/Meridian's extensive client list and geographic coverage will enhance our ambitious SAN market development program, as well as providing entry to the complementary and rapidly growing NAS market segment. Financially, Excel/Meridian immediately provides replacement sales revenue and profits comparable to the present contribution from Alanco Environmental Manufacturing Inc. (AEMI AEMI Auction & Electronic Market Integration (American Stock Exchange) AEMI Annual Exchange of Military Information ), the sale of which (May 1, 2000, news release) is scheduled to close within weeks." Alanco Technologies Inc. is a publicly owned Publicly owned can refer to:
The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol ALAN. This press release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. |
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