CORESTAFF and Citadel Technology Complete Agreement in Which CORESTAFF Acquires 2.5 Million Citadel Shares.DALLAS--(BUSINESS WIRE)--Oct. 6, 1997-- Includes R&D Expansion, Exclusive Licensing, Right to Acquire Additional Stock Citadel Technology, Inc. (OTC/BB:NOFF NOFF Net Operating Funds Flow ) and CORESTAFF, Inc. (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 :CSTF CSTF Cleavage Stimulation Factor (molecular biology) CSTF Cumulative Stress Transfer Function CSTF Combat Support Task Force CSTF Counter Strike Task Force CSTF Computer Support Task Force (Best Buy) ) today announced that they have completed a previously announced agreement in which CORESTAFF has purchased 2.5 million shares, or approximately 13 percent of Citadel's outstanding common stock. As part of the agreement, CORESTAFF has an option to acquire an additional 2 million shares at prices ranging from $4 to $5 per share. In addition, CORESTAFF's Software Services Unit, Millennium and its development staff of over 100, will supplement Citadel's research and development activities and each company will cross-sell the other company's products or services. CORESTAFF also will provide core technology and development services to Citadel and a CORESTAFF representative will be appointed to a seat on Citadel's board of directors. Steven B. Solomon, Citadel's president and chief executive officer, said that, "This new relationship with CORESTAFF means far more than just an investment of capital. CORESTAFF's customers represent a large opportunity for Citadel's products and Citadel is also becoming an exclusive distributor of CORESTAFF's software product 'First Step,' a single sign-on An identification system that lets users log into multiple Web sites on the Internet with one username and password. Single sign-on systems are also used within an enterprise, enabling users to access all authorized resources in the local network using the same username and password. system that enables users to enter a single user identification and password to gain access to disparate networks and services. 'First Step' will be further developed and integrated with Citadel's technology to create a secure desktop environment for networks and Internet/intranet users. "Furthermore, this new relationship is enabling us to expand Citadel's research and development activities, without the loss of our existing development staff. This should significantly reduce the lead time for getting new product introductions and product upgrades to market, while also further increasing overall software quality, decreasing our product development costs, and allowing us to further focus our internal development efforts. "This is an extraordinarily exciting step in Citadel's continuing program to position itself as a leading provider of network and desktop utilities and to align the company with leading players in the industry." Established in 1993, CORESTAFF, Inc. is one of the largest national providers of information technology (IT) services and staffing services through its two business groups: the IT Services Group, which is comprised of COMSYS Information Technology Services and the IT Solutions unit, and the Staffing Services Group, which operates under the name CORESTAFF Services. CORESTAFF operates 148 branches in 28 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , the United Kingdom and India. Incorporated in 1992, Citadel Technology, which changed its name from Citadel Computer Systems, Inc. on June 1, develops and markets computer software products to secure, manage and automate desktop and network environments. Citadel Technology products include C:/More!, TabWorks, NetOFF, WinShield, Phantom of the Console, ServerSentry, ServerCam, and FolderBolt. Citadel can be reached at 3811 Turtle Creek Boulevard
The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. 75219; phone 214/520-9292; fax 214/520-9293, or visit the company on the World Wide Web at http://www.citadel.com. This news 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. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. All statements other than statements of historical facts included in this news release, including without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the CORESTAFF transaction and future product development and sales, as well as the success of new selling strategies, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. Important factors that could cause actual results to differ materially from the company's expectations include the possibility that CORESTAFF will not be satisfied with its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review of Citadel or satisfactory agreements will not be reached. The market for PC and networked software products, competition, the effectiveness of new selling strategies, and other factors set forth in the company's filing with the Securities and Exchange Commission. -0- Note to Editors: Citadel Technology, C:/More!, TabWorks, NetOFF, and WinShield are trademarks of Citadel Technology, Inc. CORESTAFF's First Step Windows and Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. are registered trademarks of Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, . All other products and company names are trademarks of trade names of their respective holders. CONTACT: Citadel Steven B. Solomon, 214/520-9292 |
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