Applied Digital Solutions Agrees to Acquire Interest in ATEC Group, Inc.Business Editors, High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 3, 2000 Strategy to benefit ATEC ATEC Army Test and Evaluation Command (US Army; formerly OPTEC, Operational Test & Evaluation Command) ATEC Australian Tourism Export Council ATEC Advanced Technologies (Hamburg, Germany) Group's distribution expertise and the procurement capabilities of Applied Digital Solutions' Intellesale.com unit Applied Digital Solutions, Inc. (Nasdaq: ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ) today announced that it has agreed to acquire an interest in ATEC Group (AMEX AMEX See: American Stock Exchange : TEC) from Surinder Rametra, a former officer and director of ATEC. This action follows a proposed acquisition of ATEC by Applied Digital earlier this year designed to capitalize on the obvious and abundant synergies with its Intellesale.com unit. "ATEC never really fell off our radar screen," commented Richard J. Sullivan, 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. of Applied Digital. "At the time, the market was in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of the now infamous `March Effect'; it just was not an appropriate time for action. We continued to recognize, though, the ability to strengthen both ATEC and Intellesale.com by leveraging off the particular strengths of each. ATEC's excellent distribution channels, including their recently announced strategic partnership with Computer Associates International, Inc. (NYSE NYSE See: New York Stock Exchange : CA), combined with Intellesale's ability to locate and procure product effectively make this a natural relationship. The management teams of each also provide very complementary styles, offering strong leadership and operational expertise. In the future, we see this growing into an even more strategic relationship with significant potential benefits for all of our shareholders." In conjunction with this action, a new Board of Directors will be assembled to include Richard Sullivan, James J. Charles, CFO See Chief Financial Officer. of ATEC, Tony Rametra, President of ATEC, and two new outside directors. Tony Rametra will also be named CEO of ATEC Group. About Intellesale.com Intellesale sells refurbished and new computer equipment and related components through its website at www.intellesale.com as well as through traditional channels which Intellesale is migrating to the Internet. Applied Digital Solutions previously announced its intent to offer Intellesale.com to the public through an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. as part of a strategic restructuring program designed to divest those units that did not fit with its focus as one-stop e-solutions provider. About ATEC Group, Inc. Based in Commack, New York Commack is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States. The population was 36,367 at the 2000 census. Commack is partly in the Town of Huntington and the Town of Smithtown. It is located on Long Island. , ATEC Group, Inc., is a leading system integrator and provider of a full line of information technology products and services. As a one-stop company for the computer needs of businesses, government agencies and educational institutions, ATEC Group offers computer hardware and software, system integration networking, graphic arts, Internet and Intranet. The company is positioned for growth through its capabilities as a PC manufacturer of Nexar technology, in software development and e-commerce. For more information, visit the company's website at http://www.atecgroup.com. About Applied Digital Solutions Applied Digital Solutions is a leading edge, single-source provider of e-business solutions. The company differentiates itself in the marketplace by enabling e-business through Computer Telephony Internet Integration (CTII CTII Comprehensive Technologies International, Inc. ). With five-year growth (from 1994 to 1998) of 64,012%, Applied Digital Solutions is ranked as the fifth fastest-growing technology company by Deloitte & Touche in its 1999 Technology Fast 500 listing. For more information, visit the company's web site at www.adsx.com. 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. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. |
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