California Software Acquires HIS Software.Business/Technology Editors IRVINE, Calif.--(BUSINESS WIRE)--June 12, 2000 California Software Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CAWC CAWC Canadian Association of Wound Care CAWC Companion Animal Welfare Council (UK) CAWC Chicago Abused Women’s Coalition CAWC Cryogenic Aerosol Wafer Cleaning ), a leader in IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Midrange migration products and developer of the award-winning BABY product line, today announced that it has signed a definitive agreement to acquire Hotel Information Systems (HIS), the market leader in Hospitality software products. Bruce Acacio, Chairman and Chief Executive of California Software said, "The dominant market positions of California Software Corporation and Hotel Information Systems in their respective areas, as well as the shared knowledge of the IBM Midrange and server markets, will allow a stronger, larger and consolidated Company to move forward in achieving its goals of continued profitable growth." W. Brian Kretzmer, HIS 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. , commented, "HIS began discussions with California Software to utilize their BABY/AS 2000 and BABY/GUI products to enable existing AS/400-based software to be deployable under Windows 2000 graphically. Through these discussions, the two companies found a shared synergy and we found our development teams and business strategies complemented each other well. It seemed that a discussion of a combined entity made sense." HIS will operate as a division of California Software Corporation. The combined operations will more than double the forecasted gross revenues for California Software in Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 . About California Software California Software Corporation is the international leading provider of IBM Midrange migration software solutions marketed under the brand name BABY. These products support the migration of IBM AS/400 screens and applications into PC-LAN PC-LAN Personal Computer Local Area Network business environment and enjoy over 100,000 installations in 56 countries. Forward-looking statements in this release are made pursuant to the "safe harbor" 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 1994. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party supplies, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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