Base Ten Considers Restructuring.Business Editors/Health & Medical Writers TRENTON Trenton, town, Canada Trenton, town (1991 pop. 16,908), SE Ont., Canada, on the Bay of Quinte at the mouth of the Trent River and at the south end of the Trent Canal. Its manufactures include textiles, electronic components, and paper and steel products. , N.J.--(BW HealthWire)--May 18, 2000 Base Ten Systems, Inc. (NasdaqSC: BASEA BASEA Boston Area Solar Energy Association ) today announced that it has presented to its majority common and preferred shareholders preliminary views on a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its business to more effectively support the change in focus announced on March 31st. Discussions with management, the Board and the majority stockholders were held late last month. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Cloughley, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Base Ten, said, "The preliminary discussions that we have had with the Board and the majority common and preferred shareholders focused on a realistic picture of how we can develop a healthy business at Base Ten. The discussion was aimed to show how we could provide attractive products to our market while we significantly reduce overhead, which I believe are prerequisites for serving our customers in the most effective way." Since the discussions were preliminary, no further details are available at this time. Base Ten also announced today that it received notification from Nasdaq on May 11, 2000, requiring Base Ten to provide Nasdaq with a plan to achieve and sustain compliance with Nasdaq SmallCap Market listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . Base Ten has been asked by Nasdaq to present the plan by May 25, 2000. The restructuring discussions mentioned above are expected to be the basis for the Company's response. About Base Ten Base Ten Systems is a software technology development company focused on manufacturing execution and clinical supply systems and services for the pharmaceutical, chemicals and medical products industries. Through installation of Base Ten software, Base Ten's customers around the world can enjoy more cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. regulatory compliance, improved manufacturing flexibility and reduced production cycle time. Base Ten solutions are readily integrated with complementary software products, as manufacturers consolidate their operations within global supply chain processes. Learn more about Base Ten Systems by visiting its web site at www.base10.com. Forward-Looking Statements 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. Regarding Base Ten Systems The foregoing contains "forward-looking information" within the meaning of 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. Such forward-looking statements may be identified by such forward-looking terminology as "may," "will," "believe," "anticipate," "expect," or similar words or variations thereof. Such forward-looking statements involve certain significant risks and uncertainties. Important factors that Base Ten believes may cause actual results to differ materially from such forward-looking statements are discussed in the "Risk Factors," "Business" and "MD&A" sections of the company's current S-3 registration statements and annual and quarterly reports on file with the Securities and Exchange Commission. Additional risk factors include the effectiveness of software and the ability of software to operate without "bugs" in the technology and acceptance of the release by customers and actual rollout. In assessing such forward-looking statements, investors are urged to read carefully those reports and other filings. Base Ten does not undertake to publicly update or revise its forward-looking statements, even if experience or future changes indicate that any such results or event (expressed or implied) will not be realized. |
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