All-Quotes subsidiary, SunRiver Data Systems, Inc. completes acquisition of Digital's text terminal business.AUSTIN, Texas--(BUSINESS WIRE)--Oct. 24, 1995--SunRiver Data Systems, Inc., a wholly-owned subsidiary of All-Quotes, 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 :ALQT), soon to be renamed SunRiver Corp., today completed the acquisition of Digital Equipment Corp.'s (NYSE NYSE See: New York Stock Exchange :DEC) text terminal business. Included in the purchase is Digital's popular VT and Dorio text terminal lines, which will now be exclusively manufactured by SunRiver. In connection with this acquisition, SunRiver Data Systems SunRiver Data Systems was a division of SunRiver Corporation, a private company founded in 1986 in Jackson, Mississippi by four electrical engineers (Ronnie Hughes, Bill Long, Kester Rice, and Gerald Youngblood), all former employees of Diversified Technology, Inc. replaced its current line of credit with a credit facility provided by The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A. and prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. and restructured its obligations to AT&T Global Information Solutions Co. Such prepayment Prepayment1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. was financed by the sale of Common Stock of All-Quotes, Inc. Details of the transactions will be disclosed in the All-Quotes, Inc. Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. to be filed with the Securities and Exchange Commission. "Today's announcement makes SunRiver one of the two largest manufacturers of text terminals in the world," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. SunRiver Chairman and President Gerald Youngblood. "With the purchase, the combined installed user base for SunRiver and Digital text terminals exceeds 5 million units. The acquisition complements our existing text products. MultiConsole terminals and graphical X-stations by extending our product offering, enabling us to meet the needs of a variety of new customers. "SunRiver and Digital are cooperating to ensure a seamless transition for customers, distributors and resellers," said Youngblood. "We are committed to maintaining customer satisfaction and have already implemented order management and delivery procedures to ensure the continual flow of product. VT and Dorio terminals will be available from SunRiver through current VT and Dorio distribution channels. In addition, Digital has signed a four-year supply agreement with SunRiver through which Digital will continue to supply its Digital branded VT and Dorio product lines to its direct customers. Digital will also provide worldwide warranty service for these products as well as for VT and Dorio products manufactured by SunRiver. According to Youngblood, SunRiver plans to expand sales, marketing, operational and manufacturing staff in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. A European headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: office is being established in The Netherlands, with satellite sales offices throughout Europe. Marketing of the VT and Dorio lines will also be intensified with the creation of new marketing programs to be implemented through current distribution partners. SunRiver Data Systems is a leading provider of desktop display devices, including ADDS text and X-stations, SunRiver's MultiConsole technology, and now the VT and Dorio product lines formerly manufactured by Digital Equipment Corp. Headquartered in Austin, SunRiver maintains manufacturing and R&D facilities in Hauppauge, NY, and Orlando, FL, as well as an international sales office in Austria and sales and service depots throughout the U.S. For more information, contact the company at Echelon IV, Suite 200, 9430 Research Blvd., Austin, TX 78759-6543. Or call 512/346-2447 or 512/346-7062 (fax). For product or sales information, call 800/231-5445, ext. 7888. CONTACT: Baron, McDonald & Wells Dana Jordan Cogan/Peter Brown, 770/492-0373 770/492-0374 (fax) email: djordan@bmwpr.com or SunRiver Data Systems, Inc. Craig Parks, 512/346-2447, ext. 102 512/346-7062 (fax) email: craig.parks@sunriver.com |
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