Cambex Emerges From Chapter 11 Reorganization.WALTHAM Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. , Mass.--(BUSINESS WIRE)--April 28, 1998--Cambex Corp. announced today that it has successfully emerged from Chapter 11 reorganization following Court confirmation of the company's reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. . Under the terms of the reorganization plan, creditors will receive a full pay out over the next 36 months either in the form of all cash or a combination of cash and common stock. The maximum number of new shares to be issued under the plan is approximately 550,000 shares. Cambex presently has approximately 9,100,000 shares outstanding. "We are extremely pleased we have been able to take this important step forward and to pay our creditors one hundred cents on a dollar," stated Joseph F. Kruy, Cambex president and 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. . "Cambex believes it now possesses a family of well differentiated storage products that will enable the company to resume the revenue and profit growth that made Cambex one of the premier storage vendors in the industry," Kruy said. Cambex Corp. develops, manufactures and markets leading-edge data storage solutions that enhance the performance and reliability of enterprise data centers. The company's products include memory and RAID disk arrays employed by users in their highest performance 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) , Sun, HP 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. computing computing - computer environments. Cambex's products are installed in over 800 mainframe and open systems data centers worldwide. Cambex can be reached at 781-890-6000, or on the World Wide Web at www.cambex.com. CONTACT: Cambex Corp. Sheldon M. Schenkler, 617/890-6000 x 241 |
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