Desert Winds and F-Squared Records Halt Deal.Business Editors PHOENIX--(BUSINESS WIRE)--June 9, 2000 Desert Winds Entertainment (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DESW) announced today that their attempted acquisition of niche record company F-Squared has been cancelled at the request of both parties. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Desert Winds' 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. , Peter H. Jacobs, "This acquisition was under way at Desert Winds when I came aboard. We attempted to complete the purchase in several different ways that would make sense to both companies, but we were unable to do it." Both Desert Winds and F-Squared have modified their business goals since the Desert Winds announcement of the intended purchase of F-Squared was made in March 2000. Speaking for Desert Winds, Jacobs continued, "The F-Squared purchase at this time would not have represented the value to Desert Winds stockholders that we were hoping for when the negotiation began. In the best interests of our stockholders, we've decided to call a halt to the deal." 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 : The statements contained herein which are not historical are 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from these forward-looking statements as a result of certain factors. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion