Alpha Virtual Announces 1-7 Reverse Stock Split and Begins Discussions to Make Potential Acquisitions.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 14, 2003 Alpha Virtual, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVUL) today announced that it had received both Unanimous Board Approval and Majority Shareholder Consent for a 1-7 reverse split of its common stock. In addition to the approval of the reverse split, the Board also has begun to look at several options to reduce debt and also enhance shareholder value. The Company is actively seeking acquisition candidates and has started preliminary discussions to potentially acquire two companies that it feels have complementary technologies and strategies. Alpha Virtual also announced that Mr. Saif Mansour will step down as President and be replaced by Mr. Charles Lesser. Mr. Mansour stated, "I initially stepped in as the interim President to help restructure the company, reduce debt and position the company for growth. My mandate has been fulfilled given that the company has significantly reduced its debt obligations and has a clear strategy going forward on how to increase shareholder value. I have complete confidence in my successor and his ability to lead the Company." Mr. Mansour went on to say, "Our last reverse stock split in September of 2002 allowed us to bring in much needed capital and increase our market valuation -- and we are hoping for similar results from these current decisions. We have been working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d for the past year to restructure our company and to position Alpha Virtual, Inc. for maximum shareholder value." Mr. Lesser, who has been named Chief Financial Officer and Interim President, is a seasoned Management Consultant and CFO See Chief Financial Officer. and has been a broad-based financial executive with considerable experience doing business internationally. Mr. Lesser was previously CFO of another public company and has experience in raising debt and equity capital. Alpha Virtual is actively looking at a number of acquisition candidates that could bring in revenue for the Company and also enhance its technology base. About Alpha Virtual Alpha Virtual, Inc. is an Internet software company (AVUL) based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California. It builds and sells innovative Web collaboration products See collaborative software. that allow developers to add real-time Web cruising, rich media sharing, groupware Software that supports multiple users working on related tasks in local and remote networks. Also called "collaborative software," groupware is an evolving concept that is more than just multiuser software which allows access to the same data. , and chat/messaging features to existing Web sites quickly and easily. The company was formerly known as Perceptronics with a thirty-year track record in international defense industry software development. In addition to its collaboration products, Alpha Virtual provides custom software development and creative media services. It is focused on customers with needs in digital broadband technologies broadband technology Telecommunications devices, lines, or technologies that allow communication over a wide band of frequencies, and especially over a range of frequencies divided into multiple independent channels for the simultaneous transmission of different signals. and infrastructure development for next generation entertainment, eLearning, and eCommerce applications. Visit www.alphavirtual.com for more information. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 and Exchange Commission, and published on the Edgar system. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion