Boca Research Finalizes Sale of Manufacturing Facilities to Boundless.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--March 6, 2000 Boca BOCA Building Officials and Code Administrators International, Inc. BOCA Bird Observers Club of Australia BOCA Business Object Component Architecture BOCA Borland Object Component Architecture (Borland) Research, Inc.(R) (Nasdaq:BOCI BOCI Bank of China International BOCI Buckner Orphan Care International ) today announced, as part of the Company's transition to a software and systems solutions-based enterprise, that it has closed the previously announced sale of certain assets relative to its manufacturing facilities to Boundless Manufacturing Services, Inc., a subsidiary of Boundless Corporation (AMEX AMEX See: American Stock Exchange :BND BND In currencies, this is the abbreviation for the Brunei Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a global technology company in exchange for $1.7 Million in cash and notes from Boundless. In connection with the sale, Boundless has assumed the lease of Boca Research's current manufacturing facility and will staff the facility primarily by employing Boca Research's current team of manufacturing-based employees. Boca Research has simultaneously entered into a contract manufacturing agreement with Boundless to outsource its manufacturing. The contract manufacturing agreement includes a specified minimum level of contract manufacturing services for the first 12-month period. The Company believes that being in close proximity to the Boundless plant and having familiarity with the Boundless manufacturing employees should be beneficial in its transition to outsourcing the manufacturing of its hardware products. As a result of this transaction, the Company expects to achieve more favorable manufacturing costs, while maintaining the same quality standards that exist today. In connection with the closing of the sale to Boundless, Boca has amended its Loan and Security Agreement with FINOVA Capital Corporation which, among other things, releases the security interest held by FINOVA in certain of the assets sold to Boundless and reduces Boca Research's total credit limit under the loan agreement from $5 Million to $2.5 Million. Boca Research intends to continue to develop, market, and support its current Boca Global products, in addition to its new focus on providing Internet-based software and services. Boca Research's change in emphasis, away from being primarily a data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. manufacturer, and under-utilization of the plant were the primary factors in the decision to outsource its manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . Boca Research has outsourced its manufacturing in an effort to reduce expenses and better focus its resources and management efforts. Boca Research today also announced that Infomatec Integrated Information Systems AG, an internet software company and significant stockholder in Boca Research, has given notice to Boca Research of its exercise of demand registration rights with respect to 1,747,965 shares of Boca Research common stock purchased by Infomatec under the Amended Common Stock Purchase Agreement between Boca Research and Infomatec signed in April, 1999. Boca Research expects to file a registration statement with respect to such common stock with the Securities and Exchange Commission in early April of this year. 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 reflect management's best judgement, based on factors currently known. However, these statements involve risks and uncertainties, including the rate of development of the thin client and information appliance See Internet appliance. (hardware) Information Appliance - (IA) A consumer device that performs only a few targeted tasks and is controlled by a simple touch-screen interface or push buttons on the device's enclosure. markets generally, the successful development and market acceptance of new products, the degree of competition in the market for such products, competitive pricing practices, the product and channel mix, component costs, and manufacturing efficiencies. Further, a significant portion of the Company's sales is derived from a limited number of customers. Therefore, the loss of one or more customers could adversely impact operating results. These and other risks are detailed in Boca Research's annual report on 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 year ended December 31, 1998, as well as in the Company's periodic filings with the Securities and Exchange Commission (SEC). Such risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this release. Boca Research Corporate Information Founded in 1985, Boca Research is in the process of transitioning to become a leading software and systems solutions-based enterprise enabling communications, as well as access to applications and information via the Internet or client/server networking (1) A communications network that uses dedicated servers. In this context, the term is used to contrast it with a peer-to-peer network, which allows any client to also be a server. (2) A network that is processing applications designed for client/server architecture. . Boca Research is a U.S. corporation headquartered in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and ventures worldwide. The Boca Global, Inc. subsidiary is a leading supplier of computing enhancement products, including modems, I/O cards, and graphics. Boca Global's strong brands -- Boca Research and Global Village(R)-- address the growing demand for software, peripherals, and accessories for PCs and Mac(R) computers, as well as thin client and Internet appliance Also called "information appliance," "smart appliance," and "Web appliance," it is a device specialized for accessing the Web and/or e-mail. Designed for ease of use, it plugs into a telephone jack or LAN connection for Internet hookup. devices, for both home and business use. Boca Global's products are sold worldwide through original equipment manufacturers (OEMs), distributors, value-added resellers (VARs), and retailers. The Inprimis Technologies, Inc. subsidiary focuses on worldwide technology design services for Internet-based infotainment and entertainment appliances services business. The AppsCom, Inc. subsidiary was created to focus on the applications rental market via a client/server-based network. Notes to Editors: For copies of recent press releases from Boca Research via fax, call 800-331-1323. For product or company information via the Internet, visit our Web sites at http://www.bocaresearch.com, http://www.globalvillage.com, http://www.inprimis.com, and http://www.bocavision.com. Boca Research Inc., Boca, and Global Village are registered trademarks, and Inprimis and AppsCom are trademarks of Boca Research, Inc. All other products and brand names are trademarks of their respective owners. |
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