Applied Digital Solutions Announces Two Acquisitions.PALM BEACH, Fla.--(BUSINESS WIRE)--July 12, 1999-- Applied Digital Solutions, Inc. (NASDAQ/NMS:ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ) today announced that it has completed the acquisitions of STR STR abbr. synchronous transmitter receiver , Inc., a software solutions company based in Cleveland Ohio, and Lynch Marks & Assoc., Inc., a network integrator with headquarters in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. . STR and Lynch Marks combined are expected to generate approximately $16 million in revenues and $2.2 million of pre-tax earnings. Applied Digital acquired these companies for combined consideration of $5.2 million at closing with additional earn-out agreements over the next two years based on meeting previously determined financial goals. Applied Digital'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, "STR and Lynch Marks are important additions to our company. STR will join our Application Technology division, which focuses on developing and implementing advanced technology solutions for a wide range of businesses. STR's clients include specialty retail firms for whom STR provides in-store and corporate data warehousing See data warehouse. data warehousing - data warehouse tools, project management, software customization and training. Lynch Marks is joining our Network Infrastructure division with a focus on providing network integration and communication services to professional service organizations throughout the country. The management teams of both companies will remain on board and will work closely with the other companies in their respective divisions to identify cross-selling opportunities." Applied Digital Solutions is a full service communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. that provides integrated products and services to a wide variety of businesses throughout 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. . 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.applieddig.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. |
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