Alpha Virtual, Inc. Finalizes Merger with EssTec, Inc.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 13, 2003 Alpha Virtual, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVRT AVRT atrioventricular reciprocating tachycardia. ) today announced that it has closed the Plan of Merger to acquire EssTec, Inc. The transaction was structured as a merger and 4,276,162 shares of Alpha Virtual, Inc. will be issued to acquire 100% of EssTec, Inc. The acquisition was approved by the shareholders of EssTec, Inc. and the closing occurred as scheduled on May 8, 2003. Alpha Virtual, Inc. plans to file 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. discussing the merger in the next few days. EssTec, Inc. is a software solutions provider that has developed a comprehensive workflow management system called EssFlow. A medical industry version of the system is being marketed under the MedFlow name and has modules for patient records, billing, and scheduling. About Alpha Virtual, Inc. Alpha Virtual, Inc. designed and developed an innovative Web collaboration software See collaborative software. system. Its OneView technology allows businesses to quickly and easily add real-time Web cruising, rich media sharing, groupware, and chat/messaging features to existing Web sites. Alpha Virtual was formerly known as Perceptronics, a predecessor with a thirty-year-old track record in international defense industry software development. Visit www.alphavirtual.com for more information. Through the acquisition of EssTec, Inc., Alpha Virtual is now also positioned as a hybrid information technology and services company that will have expertise in software application development, mobile data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. technology and the understanding of the needs of targeted businesses' issues to develop mobile enterprise and workforce management Workforce Management (WFM) encompasses all the responsibilities for maintaining a productive and happy workforce. Sometimes referred to as HRMS systems, or even the larger ERP systems (Oracle, PeopleSoft, SAP). There are many software vendors within this space. solutions in several industry segments including Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Field Service Automation, and Health Care. This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in Alpha Virtual's filings and reports with the Securities Exchange Commission, and published on the Edgar system. |
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