Datatec Systems Finalizes Agreement to Recast Financial Covenants.Business Editors FAIRFIELD, N.J.--(BUSINESS WIRE)--May 3, 2001 Datatec Systems, Inc. (Nasdaq: DATC DATC Davis Applied Technology College (Kaysville, Utah) DATC Days After Test Completion DATC Deferred Adverse Tax Consequence DATC Direct Assistance & Training Command DATC Director of Air Traffic Control ), announced today that it has finalized See finalization. an agreement with 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) Credit Corporation to recast re·cast tr.v. re·cast, re·cast·ing, re·casts 1. To mold again: recast a bell. 2. the covenants related to its Inventory and Working Capital Financing Agreement. In its March 19, 2001 SEC form 10-Q Form 10-Q See 10-Q. filing, Datatec disclosed that it was not in compliance with certain financial covenants of its loan agreement with IBM Credit Corporation. At that time, Datatec stated that it believed these issues would be resolved in a manner that did not adversely impact the Company. Commenting on the resolution of this matter, Isaac Gaon, Datatec's Chairman and Chief Executive Officer said, "We've now completed the adjustments to our business model that bring costs in line with revenue projections moving forward. Early indications suggest that we have reached a nadir during our 4th quarter, as we are now starting to see business close rates return to more historical levels." About Datatec Systems, Inc. Fairfield, NJ-based Datatec Systems specializes in the rapid, large scale market absorption of networking technologies. Datatec's deployment services utilize a software-enabled implementation model to configure, integrate and roll out new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATC). For more information visit Datatec at http://www.datatec.com About eDeploy Inc. eDeploy, a subsidiary of Datatec Systems, Inc., is a recognized leader in the development and delivery of business-to-business e-commerce tools and processes that allow OEMs, systems integrators and service providers to configure and deploy complex network infrastructure and computing technologies faster, more economically and with fewer defects. eDeploy(TM) is a set of web-based business-to-business productivity tools that enhance process management for any deployment. The system serves as a central repository for all intellectual assets related to a project. These assets can be shared among project team members, customers and third parties. eDeploy(TM) leverages the power and ubiquity Ubiquity See also Omnipresence. Burma-Shave their signs seen as “verses of the wayside throughout America.” [Am. Commerce and Folklore: Misc. of the Internet by acting as a secure virtual project community for all parties to deliver a solution. For more information, visit http://www.edeploy.com This Press 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 Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. |
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