Applied Digital Solutions Postpones Initial Public Offering of Intellesale.com Subsidiary.Business Editors/High Tech Writers PALM BEACH, Fla.--(BUSINESS WIRE)--Jan. 31, 2000 Applied Digital Solutions, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADSX ADSX Applied Digital Solutions, Inc. (stock symbol) ) today announced that its Board of Directors has postponed the previously announced initial public offering of Intellesale.com, Inc., a subsidiary of Applied Digital Solutions. Richard J. Sullivan, Applied Digital Solution's Chairman and Chief Executive Officer, stated, &uot;Intellesale continues to experience strong operating performance and accelerated growth, but due to the current market environment, management and the Board of Directors has decided, in the best interest of shareholder value, to postpone the proposed initial public offering of Intellesale. Furthermore, we have terminated our relationship with the underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. in the initial public offering. We are reviewing a variety of options with the goal of leveraging these trends to create shareholder value.&uot; About Applied Digital Solutions, Inc. Applied Digital Solutions, Inc. is an e-business to business solutions provider offering Internet, telecom, LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. and software 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. . For more information, visit the Company's web site at http://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 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. 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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