Citadel Computer Systems authorizes buyback of up to 500,000 of its shares on open market.DALLAS, TX--(BUSINESS WIRE)--August 27, 1996-- Will Acquire DanaSoft to Expand Intranet Security Line Citadel Computer Systems, Inc., (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :NOFF NOFF Net Operating Funds Flow ) announced today that its board of directors has approved the open market purchase of up to 500,000 of its common shares over the next eighteen months. Chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Steven B. Solomon stated, "The board considers that the market has not adequately appraised Citadel's progress in its corporate plan to create a software specialty company powerfully positioned in security products and network management tools. Buying back Citadel shares at these depressed levels, we believe, is a timely investment for the company and its stockholders." Solomon also announced that Citadel has signed a letter of intent to acquire DanaSoft, Inc., a privately held software developer based in Manassas, VA. Michael Pierce, founder and president of DanaSoft, will become VP - Advanced Technologies Research & Development at Citadel and will head its newly established DanaSoft division on the east coast. With fifteen years experience in software development for Fortune 500 companies and on government projects, Pierce is one of the premier designers of network utilities in the U.S. "DanaSoft's extensive experience with development of software for Internet and intranet services will greatly enhance the product suites offered by Citadel," said Solomon. DanaSoft customers include Ryder, Blockbuster block·bust·er n. 1. Something, such as a film or book, that sustains widespread popularity and achieves enormous sales. 2. A high-explosive bomb used for demolition purposes. 3. , Microsoft, Raytheon and Sallie Mae Sallie Mae: see SLM Corporation. . "With the full financial backing of Citadel, DanaSoft will be able to step up its development of security products for companies with intranet capabilities, one of the fastest growing network areas today," said Pierce. "What's more, our Washington location will open up government business, a DanaSoft specialty, to Citadel security products." DanaSoft has continuing strategic partnerships with Cabletron Systems, Silicon Graphics and Novell. Citadel recently announced similar strategic partnerships with Xerox. "We are putting together a marketing mosaic which will benefit from great consumer spokesmen like Victor Kiam Victor K. Kiam (07 December 1926 - 27 May 2001) was a famous American entrepreneur and the owner of the New England Patriots from 1988-1991. After attending such universities as Yale, the Sorbonne and Harvard Business School, Kiam became part of the Lever Brothers and , who just came on board as a Citadel director," said Solomon. Citadel Computer Systems is a developer and marketer of computer software products, broadly characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. as network and PC security and management utilities and software management tools. Its products, including NetOFF, ServerSentry, Phantom of the Console, WinShield, FolderBolt and NightWatch are designed to better manage and provide additional security to individual PCs as well as local area networks using Novell and Microsoft network See MSN. Microsoft Network - The Microsoft Network software. CONTACT: Citadel Computer Systems, Incorporated 3811 Turtle Creek Boulevard
Dallas, TX 75219 http://www.citadel.com Steven B. Solomon, COO, 214/520-9292 or Media Contact: The Cavior Organization Warren J. Cavior 212/687-6070 / caviorg@aol.com |
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