Banyan Expands Into the European Union Marketplace with the Grand Opening of DoubleCase UK Limited; Annual Revenue Gains of More Than US$1 Million Forecasted.COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo.--(BUSINESS WIRE)--Sept. 2, 1997--Banyan Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BANY) announces that it has expanded its worldwide marketing and distribution capabilities with the grand opening of DoubleCase UK Limited. DoubleCase UK Limited is the result of a joint venture arrangement with Pennydome, Ltd., a private United Kingdom (UK) corporation and is intended to serve a UK based sales, marketing and distribution company to facilitate product sales of Banyan's wholly-owned DoubleCase subsidiary. DoubleCase UK Limited is predicted to add more than US$1 million to Banyan's annual gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. . Banyan will continue manufacturing its DoubleCase product line exclusively at its existing facility located in Colorado Springs, Colorado The City of Colorado Springs is the second most populous city (after Denver) in the state of Colorado and the 48th most populous city in the United States.[4] The city is the county seat of El Paso County. . Finished products will be shipped to DoubleCase UK Limited for sale and distribution throughout the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EU) and Middle East. Cameron Yost, Banyan's President and Chief Executive Officer, stated, "DoubleCase UK Limited marks a significant and exciting entry into a new market for Banyan. Not only do we anticipate that this joint venture company will more than double Banyan's current annual gross sales, we also believe it will lead to additional worldwide exposure and recognition of Banyan's unique products which should ultimately result in additional sales growth - both domestically and internationally. The DoubleCase UK Limited sales team has already held promising talks with prospective customers and vendors." Banyan Corporation is a publicly traded holding company with operating subsidiaries engaged in designing, manufacturing and marketing a variety of accessory products, including a full line of hard-sided protective carrying cases, for the notebook computer A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. market -- the fastest growing segment of the personal computer industry. Banyan's products are currently sold through a wide variety of computer mail order catalogs, several of the largest U.S. computer retailers, Value Added Resellers (VARs), a number of overseas vendors, and to the U.S. government. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planed capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors. CONTACT: Sitra Enterprises Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 512/453-3817 or bany@sitra.com http://www.sitra.com/bany/ |
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