Banyan Systems Announces Global Alliance With Microsoft Corporation.WESTBORO, Mass.--(BUSINESS WIRE)--Jan. 11, 1999--Banyan(R) Systems Incorporated (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 :BNYN BNYN ePresence (stock symbol; formerly known as Banyan) ) today announced a strategic alliance with Microsoft(R) Corporation (NASDAQ:MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ) to deliver enhanced business value and a competitive advantage to enterprise customers through integrated messaging, networking and Internet solutions. The two companies will increase the interoperability of their products through the creation of connectivity and migration tools. In addition, Banyan banyan (băn`yən), species of fig (Ficus bengalensis) of the family Moraceae (mulberry family), native to India, where it is venerated. Its seeds usually germinate in the branches of some tree where they have been dropped by birds. and Microsoft will collaborate on the design and implementation of packaged services, solutions and support offerings based on Microsoft's enterprise platform. Under the agreement, Microsoft will provide $10 million to Banyan over a three-year period for training at least 500 professionals, marketing and product development as well as the purchase of 1,750,000 common stock warrants. The common stock warrants are subject to a three-year lock-up provision This article is about the corporate finance term. For other meanings of lock up, see Lock Up. Lock-up provision is a term used in corporate finance which refers to the option granted by a seller to a buyer to purchase a target company’s stock as a , based on continuation of the alliance, and have an exercise price of $10.00 per share based on a negotiated premium over an agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy , 30-day trailing trading average. If exercised, Microsoft's warrants represent approximately 7.5 percent ownership in Banyan. William P. Ferry, Banyan's chairman and chief executive officer, stated, "Our alliance with Microsoft is an important milestone in the expansion of Banyan's growing network services business and meeting our commitment to provide standards-based solutions to our customers. We look forward to working closely with Microsoft to better serve current and prospective customers worldwide." Additional information about this alliance concerning specific products, services, technologies, and related sales and marketing activities is expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. on Wednesday, January 13th. About Banyan Systems Incorporated Banyan Systems Incorporated, founded in 1983, is a leading provider of advanced enterprise solutions that integrate multi-vendor networking environments. Headquartered in Westboro, Mass., USA, Banyan supports hundreds of Fortune 1000 companies and government agencies worldwide. Banyan provides products and services that integrate core business applications and intranets creating highly reliable, easily managed and secure global networks. The company also provides co-existence and migration services, secure and remote access for business applications and tools to deploy and manage Intranets, directories and messaging. Its majority-owned Internet subsidiary, Switchboard Incorporated, is a leading on-line white and yellow pages directory. The Company noted that each of the above statements is a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and is subject to change based on various important factors, including, without limitation, the Company's plans and strategy for its business, sales and marketing and product development efforts, available resources, the Company's ability to attract and retain qualified personnel and the success of the Company's Year 2000 Readiness program and consulting services. Actual events or results could differ materially from those indicated by such forward-looking statements. Further information on potential factors which could affect the Company's financial results are included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 1997 fiscal year, which was filed with the SEC at the end of March 1998, and the Company's Form 10-Q Form 10-Q See 10-Q. for the period ended September 30, 1998, which was filed with the SEC in November 1998. |
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