Artisoft(R) to sell Eagle Technology assets; company moving to software-only development model.TUCSON, Ariz.--(BUSINESS WIRE)--Jan. 9, 1995--Artisoft, 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 :ASFT ASFT Airport Surface Friction Tester ) today announced its intention to focus its development efforts on software, and to wind down its hardware development and manufacturing activities. As a step in this direction, the company has entered into a definitive agreement to sell substantially all of the company's operating assets Operating Assets Another term for working capital. associated with the business of Eagle Technology to Microdyne Corporation. The total consideration expected to be paid to Artisoft in connection with the sale is about $17.5 million. Of this, approximately $10 million is represented by inventory, property and other tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. , and the balance by the remaining assets being transferred. The transaction is subject to the waiting period and other requirements under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the and normal closing conditions, and is expected to close before mid-February, 1995. William C. Keiper, president and chief executive officer of the company said, "We intend to shift to a software-only development model over the next several quarters, and as a consequence, will wind down our hardware development and manufacturing efforts. It is our intention to focus all the resources of our company on being the leader in delivering networking solutions to the small business market. We are best positioned to leverage the market leading position which LANtastic(R) holds in the peer-to-peer small business networking This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. market, and will devote our time, effort and attention to the continuing expansion of our market share in this fast growing market segment. We define small business as business establishments with 100 or fewer employees." He continued, "We will continue providing total solutions by offering LANtastic starter kits and add-on kits, which will include the Artisoft NodeRunner or other high quality Ethernet adapters The Ethernet hardware required to attach to an Ethernet network. It typically resides on an expansion board, but is sometimes built into the motherboard. An Ethernet adapter is required in each client and server. See Ethernet and network adapter. . We will also continue selling and supporting our popular NodeRunner design adapter series. In addition, we intend to escalate es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. our efforts at partnering with other key industry players by licensing or purchasing technology, and by joint marketing and bundling." Artisoft is one of the world's leading suppliers of scalable, cost-effective networking solutions to small and growing businesses. The company offers the award-winning LANtastic network operating system An operating system that is designed for network use. Normally, it is a complete operating system with file, task and job management; however, with some earlier products, it was a separate component that ran under the OS; for example, LAN Server required OS/2, and LANtastic required DOS. as well as network management, backup and multiplatform connectivity systems. Artisoft maintains 12 international offices and distributes its products in more than 100 countries. For more information about Artisoft or its product line, contact Artisoft, Inc. at 2202 N. Forbes Blvd., Tucson, AZ 85745. Sales 800/233-5564. Corporate 602/670-7100. Fax 602/670-7101. CONTACT: Artisoft
Joe Stunkard, 602/670-7145 (media)
Fax: 602/670-7101, MCI Mail: 532-6657
David K. Sentman, 602/670-7160 (financial)
Fax: 602/670-7373.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion