Bankruptcy Court Approves Sale of Datapoint Corporation's European Operations and Certain U.S. Assets and Name Change to Dynacore Holdings Corporation.Business Editors SAN ANTONIO--(BUSINESS WIRE)--June 16, 2000 Datapoint Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DTPTQ) today announced that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware yesterday approved the previously reported sale of its European operations and certain U.S. Assets to Datapoint NewCo I Limited for $49.5 million in cash, less certain adjustments, including an adjustment in the event that the aggregate shareholder deficit of the European Operations exceeds $10.0 million at closing (Docket A written list of judicial proceedings set down for trial in a court. To enter the dates of judicial proceedings scheduled for trial in a book kept by a court. Number 00-1853)(PJW PJW Paediatric Journal Watch ). The sale is expected to close within 30 days. In addition, the Bankruptcy Court approved the Company's name change to Dynacore Holdings Corporation. The Company intends to file a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. pursuant to Chapter 11 of the Bankruptcy Code. Negotiations have commenced regarding the terms of such plan with members of the Committee of Unsecured Creditors previously appointed in the bankruptcy case. The sale of its European Operations is consistent with the direction of the Corporation to focus its efforts and resources on acquiring, developing and marketing products with Internet and E-commerce applications. The previously acquired Corebyte Networks(tm) product family (www.corebyte.com), highlights this effort. The Corebyte subsidiary has developed an intelligent browser-based communications networking system. With a single interface, users of Corebyte Networks(tm) products directly access every application necessary to manage their enterprise from basic E-mail to advanced group computing tools. Corebyte Networks(tm) products users seamlessly share and exchange valuable information, selectively and securely, within their networked community and across enterprises via the Internet. Companies that standardize their network on Corebyte Networks(tm) products gain all the benefits of the Internet and eliminate the fear of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. . With its U.S. headquarters in San Antonio, and international headquarters in Paris, France, Datapoint is a recognized innovator in modern networking infrastructure. Datapoint specializes in the design, integration, and maintenance of data, voice and networking communications solutions including call center, and computer-telephony integration (CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. ). The press release contains forward-looking statements that involve uncertainties, including, but not limited to, risks and uncertainties related to foreign currency transactions, the competitive environment and other risks. Future trends and results may differ materially from disclosures contained in this release. |
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