DiversiFax acquires key software assets.VALLEY STREAM, N.Y.--(BUSINESS WIRE)--May 3, 1995--DiversiFax Inc. (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 : DFAX, DFAXW) announced today that it has completed the acquisition of software assets from Faxit Corp., a Delaware corporation, for 350,000 common shares of DiversiFax. Company chairman 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. Irwin A. Horowitz said that acquisition of the Faxit software and platform will enable the company to fulfill its 3-year co-marketing agreement with the Sprint Corp. (NYSE NYSE See: New York Stock Exchange : FON Fon People of southern Benin and adjacent parts of Togo. They speak a dialect of Gbe, a Kwa language of the Niger-Congo language family. Numbering about 3 million, the Fon are mainly farmers. ) announced last-month. Under the non-exclusive agreement, Sprint will offer the DiversiFax SMART SUITE(TM) in-room fax service to hotels throughout the U.S. Horowitz also announced that Mario DiNatale, former president of Faxit, has been appointed president of newly created DiversiFax Information Services See Information Systems. . DiNatale won the Entrepreneur of the Year award from Inc. Magazine in 1989. The DiversiFax SMART SUITE(TM) system, built around the PC-based DiversiFax SMART FAX(TM) public fax machine, creates a virtual office for the business traveler. Hotel guests may send and receive faxes, make copies and print files from their laptop computers in the privacy of their own rooms. These services may be charged directly to major credit cards or to pre-paid DiversiFax debit cards. DiversiFax will benefit in two ways from this deal, said Horowitz. First, DiversiFax will profit on the initial sale and installation of SMART FAX(TM) machines; and second, DiversiFax will derive continuing income from usage of the SMART SUITE(TM) system, sharing revenues with Sprint and the hotels. DiversiFax, founded in 1969, owns and operates more than 2,500 coin and debit card-operated public fax and photocopy machines at nearly 1,000 high-traffic sites in 250 Eastern and Midwestern cities. Josephthal Lyon & Ross Inc., a member firm of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , served as investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. in this transaction. CONTACT: DiversiFax Inc., Valley Stream Dr. Irwin A. Horowitz, 516/872-0650 or The Cavior Organization, New York Samuel S. Cavior, 212/687-6070 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion