Ascend Communications Inc. and NetStar Inc. Announce Completion of Merger.ALAMEDA, Calif.--(BUSINESS WIRE)--Aug. 15, 1996--Ascend Communications, 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 : ASND ASND A Streetcar Named Desire (play) ) and NetStar, Inc. (NASDAQ: NTSR) today announced that they had successfully completed the merger of NetStar into a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ascend. The stockholders of NetStar voted to approve the merger at a Special Meeting of Stockholders held earlier today. Under the terms of the merger, NetStar stockholders received 0.35398 of a share of Ascend common stock for each share of NetStar common stock. The transaction will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . NetStar will operate as a wholly owned subsidiary of Ascend. After 5:00 p.m. Eastern Daylight Time on August 15, 1996, NetStar's common stock will no longer be quoted on the Nasdaq National Market. Ascend Communications, Inc. is a leading, worldwide provider of remote networking solutions for corporate central sites, Internet Service Providers' points of presence, remote offices, mobile workers and telecommuters. Ascend develops, manufactures, markets, sells and supports products which utilize bandwidth on demand to extend existing corporate networks for applications such as remote 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. access, Internet access, telecommuting, SOHO Soho (sōhō`, sə–), district of Westminster, London, England, known for its continental restaurants. Once a fashionable quarter, it became popular among writers and artists in the 19th cent. connectivity and videoconferencing/multimedia access. Detailed information on Ascend products, news announcements, seminars, service and support is available on Ascend's home page at http://www.ascend.com. NetStar, Inc. creates and markets advanced technology products that satisfy customers' highest capacity internetworking requirements. Its internetworking products combine high-speed switching, Internet standard communications and router protocols. CONTACT: Ascend Communications, Inc. Bob Dahl, 510/814-2309 Paula Cook, 510/814-2345 or NetStar, Inc. Douglas Pihl, 612/996-6934 Duane S. Carlson, 612/996-6935 |
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