BOS Better On-line Solutions makes announcement.TERADYON, Israel--(BUSINESS WIRE)--Aug. 21, 1996--BOS Better On-line Solutions Ltd. (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 : BOSCF), a market leader in the design, development, sale and manufacture of connectivity solutions for mid-range computer users, announced today that it has completed the acquisition and consolidation of Z-NAX Communications Ltd. Z-NAX, also based in Israel, manufactures and markets gateway products allowing Internet connectivity as well as other connectivity solutions for IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) mid-range computers. In addition to Z-NAX's European sales, the company has a network of distributors in the far east, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and clients in the U.S., and a subsidiary in the U.K. The transaction may be treated 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. " and was closed on Aug. 15, 1996. BOS shares valued at approximately $1,230,000 were issued to Z-NAX in exchange for its net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. . Additional shares valued at approximately $664,000 were issued to a shareholder of Z-NAX for the repayment of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Israel Gal, president of BOS, stated, "The acquisition of Z-NAX provides BOS with additional domestic and international sales and distribution channels which will accelerate the penetration of BOS's connectivity products in these expanding markets." Added Gal, "This acquisition contributes two key new products in the final stages of development: an IBM AS/400 gateway product allowing Internet connectivity, and an advanced communication product which until now has only been offered by Microsoft and Novell. Additionally, the reduction of corporate overhead and absorption of a direct competitor should have a positive influence on profit margins. BOS designs, develops, manufactures, sells, and supports connectivity and networking products primarily for use with IBM mid-range computers. The company markets its products internationally through subsidiaries in the U.S. and Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. and also sells products throughout Europe. Through the company's subsidiary, Lynk Ltd., BOS is currently developing voice-over data products and network node software technologies enabling remote employees to access corporate information systems in a true virtual office environment while at home or on the road. CONTACT: BOS In Israel: Israel Gal, President +972-4-999-0333 Fax: +972-4-999-0334 or In the US: BOS USA Charles Winslow, President 602/596-8332 Fax: 602/951-1792 |
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