Datawatch Receives Equity Investment; James Wood and Richard de J. Osborne to Join Datawatch Board of Directors.Business/Technology Editors LOWELL, Mass.--(BUSINESS WIRE)--Jan. 16, 2001 Datawatch Corporation (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 :DWCH), a leading provider of enterprise reporting With the dramatic expansion of information technology, and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. and business intelligence solutions, data transformation tools and support center software, today announced that entities controlled by James Wood James Wood can refer to:
After giving effect to the transaction, CW Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Carnegie Hill Investments, LLC, entities controlled by Messrs. Wood and Osborne, respectively, own an aggregate of approximately 20.7% of the Company's outstanding common stock, including approximately 465,000 shares previously acquired by Mr. Wood in open market transactions. The purchase price for the transaction was based upon the average closing prices for the Company's common stock during a 10-day period preceding the closing, which occurred on January 12, 2001. Datawatch plans to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction for working capital and other general corporate purposes. "I am extremely pleased that Jim Wood Jim Wood may refer to:
Commenting on the transaction, Richard Osborne said, "Jim and I believe that Datawatch is a valuable franchise in a vital and growing industry. We see significant value and opportunity in the company and its compelling portfolio of products and look forward to working with Bruce and his team to position the Company to capitalize on its significant market opportunities." James Wood has served as Chairman of the Board of The Great Atlantic & Pacific Tea Company, Inc. since 1980 and was its Chief Executive Officer from 1980 to 1997 and its Co-Chief Executive Officer from 1997 until his retirement in 1998. From 1965 to 1980, Mr. Wood served as Chief Executive Officer for the international distribution activities of Cavenham, Ltd., an entity controlled by Sir James Goldsmith. Mr. Wood has been a member of the Board of Directors of Schering-Plough Corporation since 1987 and served as a director of ASARCO ASARCO American Smelting and Refining Company Incorporated from 1989 to 2000. Mr. Osborne served as Chairman of the Board and Chief Executive Officer of ASARCO Incorporated from 1985 until his retirement in 1999. He joined the company as Chief Financial Officer in 1975, was elected as a Director in 1976 and served as Executive Vice President and President until he was appointed as Chairman and Chief Executive Officer in 1985. Prior to that time, he was Executive Vice President, Finance and Business Development for Fairchild Camera and Instrument Fairchild Camera and Instrument was a company founded by Sherman Fairchild. It was based on the East Coast of the United States, and provided research and development for flash photography equipment. Corporation and, earlier, held various executive positions in finance, planning and management 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) Corporation. Mr. Osborne currently serves as a Director of Schering-Plough Corporation, The BF Goodrich Company, Birmingham Steel Corporation, NACCO Industries, Inc. and The Tinker Foundation. He is also a director and treasurer of The Americas Society and the Council of the Americas The Council of the Americas is an American business organization whose stated goal is promoting free trade, democracy and open markets throughout the Americas. This includes Canada, Mexico and the Caribbean, as well as South America. . ABOUT DATAWATCH CORPORATION Datawatch Corporation, headquartered in Lowell, Massachusetts, is a leading provider of business intelligence/enterprise reporting, data transformation and support center solutions that help organizations increase productivity, reduce costs and gain competitive advantage. More than 20,000 companies, institutions and government agencies use Datawatch products worldwide. Datawatch is best known for its desktop report mining application Monarch, which is used by more than 350,000 professionals worldwide. Datawatch works with VARs, integrators and independent software vendors who sell and support Datawatch products. In addition, Datawatch works with OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers who embed Datawatch components and technologies in their own solutions. The company maintains offices throughout the US, Europe and Australia. The principal executive offices of Datawatch are located at 175 Cabot Street, Suite 503, Lowell, Massachusetts 01854. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under 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 1995 Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: the Company's dependence on its principal products, risks associated with international sales, an unfavorable result in any litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , market acceptance of the new products, dependence on the introduction of new products and possible delays in those introductions. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by the Company from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended September 30, 1999. Any forward-looking statements should be considered in light of those factors. Monarch is a trademark of Datawatch Corporation. Datawatch Corp., 175 Cabot Street, Suite 503, Lowell, Massachusetts 01854 Phone: 978-441-2200 Fax: 978-441-1114 www.datawatch.com |
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