Castelle Completes Acquisition of Ibex Technologies.SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 21, 1996--Castelle (NSDQ NSDQ Night Stalkers Don't Quit (US Army 160th SOAR slogan) : CSTL CSTL Chemical Science and Technology Laboratory CSTL Clinical Study Team Leader ) has completed its acquisition of Ibex Technologies, Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that is the market leader in fax-on-demand systems. The acquisition follows an agreement signed on Aug. 22, 1996, under which Castelle agreed to acquire all the outstanding Ibex stock and stock options in exchange for 850,000 shares of Castelle common stock. The acquisition, approved by Castelle and Ibex shareholders on Nov. 19 and Nov. 18 respectively, is intended to be tax free in nature and accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. for financial statement purposes. The newly created Ibex Division of Castelle remains at Ibex headquarters in El Dorado Hills, Calif. Ney Grant, former Ibex 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. , has been appointed Castelle's vice president of marketing. In announcing the August 22 agreement, Art Bruno, Castelle CEO and chairman, said, "Castelle and Ibex have truly complementary sales channels. Together these channels will expand both companies' sales opportunities, enabling Ibex to deliver fax-on-demand to the mass market and Castelle to penetrate large enterprises with its LAN fax solutions." In October, Castelle introduced InfoPress, a product which integrates technology from Castelle and Ibex. InfoPress users can implement highly flexible information publishing via fax, email and the World Wide Web, or add email and fax delivery capabilities to existing Web sites. Castelle, founded in 1987, designs, develops, markets and supports internetwork fax- and print-server products for workgroups, plus fax/email-on-demand, fax gateway, fax broadcast and Web fax systems. Products are available through a worldwide network of more than 40 distributors in 31 countries. The company also has relationships with selected original equipment manufacturers and system integrators and sells software enhancements and upgrades directly to end users. The company, publicly traded on the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. under the 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 symbol CSTL, is headquartered in Santa Clara, Calif. CONTACT: Castelle, Ibex Division Ney Grant, 916/939-8888 ngrant@ibex.com or Castelle Corporate Headquarters Randy Bambrough, 408/496-0474 Randy.Bambrough@castelle.com or Ulevich & Orrange, Inc. William Orrange or Janis Ulevich, 415/329-1590 info@u-o.com |
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