Black Box Corporation Announces Merger With the Delaney Companies; Establishes $400 Million On-Site Revenue Goal by March 2001.Business Editors PITTSBURGH--(BUSINESS WIRE)--Jan. 28, 2000 Black Box Corporation (Nasdaq:BBOX) today announced a merger with The Delaney De·la·ney , Shelagh Born 1930. British playwright best known for A Taste of Honey (1958). Companies. Established in 1985 in Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , privately-held Delaney provides technical design, installation and maintenance for premise cabling and related services to customers in the greater Philadelphia and mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic regions. Annual revenues of Delaney are approximately $28 million. Commenting on the merger, Fred C. Young, Chief Executive Officer of Black Box Corporation, stated, &uot;Great market, great company made up of great people. We are very pleased to be joining forces with The Delaney Companies. Their reputation for highest quality technical services is outstanding and first rate. We expect this merger will add 7 cents to 8 cents in earnings per share over the next twelve months.&uot; Patrick J. Delaney, President and owner of The Delaney Companies, said, &uot;We at Delaney have always been committed to providing the highest level of quality service to meet our customers' needs. The marriage between Delaney and Black Box enables us to expand our dedication and commitment while positioning us to reach the next level in serving our customers.&uot; Mr. Delaney will continue to serve as President of The Delaney Companies. This transaction is being accounted for as a purchase. The purchase price has not been disclosed. Black Box also announced it established an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue target of $400 million for their on-site services segment by March 2001. This compares to $55M in March 1999 and $225M in March 2000. Mr. Young commented, &uot;We continue to be very excited about the opportunities presented by further global expansion of our technical services. Through the combination of internal growth of our existing businesses and additional geographic expansion, both domestic and international, we should reach our $400 million target by March 2001.&uot; This release contains 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. that are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. The statements are made pursuant to the 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. provisions 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 and speak only as of the date of this press release. Black Box is a leading worldwide technical service provider of computer communications and networking services and related products to businesses of all sizes, operating in 77 countries throughout the world. |
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