Applied Cellular Technology Announces Acquisition of Port Consulting.PALM BEACH, Fla.--(BUSINESS WIRE)--May 20, 1999-- Applied Cellular Technology, Inc. (NASDAQ/NMS:ACTC ACTC Apple Certified Technical Coordinator ACTC Almaden Cycle Touring Club ACTC Associated Colleges of the Twin Cities ACTC All Ceylon Tamil Congress (Sri Lanka) ACTC Association Canadienne de Télévision par Câble ) today announced that it has acquired Port Consulting, Inc., a full service systems integrator that provides Oracle-related information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. and custom application development services for a wide range of Fortune 1000 companies. Port Consulting, based in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. , is expected to generate approximately $6 million in revenue and close to $900,000 in pre-tax earnings for 1999. Applied Cellular paid approximately $1.2 million in cash for Port Consulting. In addition, the founders, who will remain as executive officers of Port Consulting, have a five-year earn-out incentive. Applied Cellular's 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. , Richard J. Sullivan, commented, "Port Consulting is an important strategic acquisition for Applied Cellular and will join our Internet division. As a leading provider of consulting services and network application solutions, Port Consulting will serve as the foundation of Applied Cellular's expanding focus on the high-margin service side of the information technology and e-commerce industries. Port Consulting and its staff of highly trained consultants are a welcome addition to our team." The President and Founder of Port Consulting, Jeff Francis Jeffrey William Francis (born January 8, 1981 in North Delta, British Columbia) is a highly-touted left-handed Major League Baseball pitcher for the Colorado Rockies. Francis made his major league debut on August 25, 2004, against the Atlanta Braves, losing the 8-1 decision. , stated, "Teaming up with Applied Cellular gives us an excellent opportunity to rapidly expand our customer base. We have already identified opportunities where we can maximize the range of services being provided and we believe many of our current customers can themselves utilize many of the other communications services Applied Cellular offers. Applied Cellular Technology is a full service communications company that provides integrated products and services to a wide variety of businesses throughout North America. The Company is comprised of five business divisions which work together to meet the growing communication needs of its clients. For more information visit the Company's web site at http://www.appliedcell.com. Pending shareholder approval the Company intends to change its name to Applied Digital Solutions effective on or about July 1, 1999. The company's new trading symbol Trading symbol See: Ticker symbol will be ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) . Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are `forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The Company intends that such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. |
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