LoneStar Hospitality Corp. and Citadel Computer Systems Announce Merger.DALLAS--(BUSINESS WIRE)--Feb. 5, 1996--LoneStar Hospitality Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :LSHO) today announces that it has entered into a definitive agreement with Citadel Computer Systems, Inc. of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the to merge the two companies. Under the merger agreement, LoneStar Hospitality will acquire all the stock of Citadel Computer Systems in exchange for LoneStar Hospitality stock. Upon consummation of the merger, the shareholders of Citadel will own approximately 75% of the outstanding stock of LoneStar Hospitality on a fully diluted basis. Present officers and directors of Citadel will have a majority of the Board seats of LoneStar Hospitality following the merger and will serve in the following officer positions: Gilbert Gertner, the present Citadel Chairman of the Board, and George Sharp George Sharp (born March 12, 1950), in Durham, is a former English first class cricketer and international umpire. Sharp spent 17 years at Northamptonshire and played over 300 games, as a wicketkeeper batsman. He went on to umpire in 15 Tests and 31 One Day Internationals. , the President and Chief Executive Officer of Citadel, will assume their present capacity at LoneStar Hospitality after the merger, and Steven B. Solomon, the present president and chief executive officer of LoneStar Hospitality, will serve as 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. and Director of LoneStar Hospitality. Solomon said the merger will enhance shareholder value. "The growth of the technology industry and LoneStar Hospitality's move into that market can only be a benefit to our shareholders," Solomon said. "LoneStar plans to change its corporate name to Citadel Computer Systems, Inc. Citadel has exciting plans to expand market share, both through new product introductions and through a number of potential 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 and joint ventures in 1996." Citadel Computer Systems is a developer of network security and management programs used in enterprise networking The networking infrastructure in a large enterprise with multiple computer systems and networks of different types is extraordinarily complex. Due to the myriad of interfaces that are required, much of what goes on has little to do with the real data processing of the payroll and orders. environments for Novell NetWare (operating system, networking) Novell NetWare - Novell, Inc.'s proprietary networking operating system for the IBM PC. NetWare uses the IPX/SPX, NetBEUI or TCP/IP network protocols. It supports MS-DOS, Microsoft Windows, OS/2, Macintosh and Unix clients. networks. Citadel's flagship product, NetOFF, is a unique automatic network logoff See logout. tool which prevents unauthorized access to files, keeps server connections open for other users, and prevents open files from interfering with backups. In addition to closing files at logoff time, NetOFF actually saves work in DOS and Windows applications by deploying a "virtual user" to each open application to save and exit each application individually. George Sharp, chief executive officer, said the merger will allow Citadel to meet market demand for existing products and to expand its software applications into PC security management and Internet connectivity. "The merger gives us the resources to dramatically increase our market share over the next few years," Sharp said. Sharp currently estimates that in excess of one million PCs are protected by NetOFF for over 15,000 customers, representing less than 1% of the NetWare market worldwide. Industry experts estimate there are currently two million NetWare servers in the United States and Europe. Analysts project the total network market to increase to more than ten million servers by the year 2000. Citadel is expanding NetOFF's capabilities for use on Microsoft Windows 95 and Windows NT networks. Other products planned by Citadel include a management version of NetOFF for the PC. Citadel expects that this new software will enable users to operate a single desktop PC as if in a networked environment, with a variety of levels of access for an unlimited number of users. In response to the rapid growth of Internet popularity, Citadel plans to add unique features that will provide user defined time limits for on-line inactivity with automatic exit features. NetOFF will allow users to walk away from their computer while downloading time-intensive programs from on-line services with the assurance that after a set time period or after a set period of inactivity, the system will automatically exit and logout Signing out and exiting from a network server, Web server or other computer system. The process (the noun) is a "logout" or "logoff," while the act of doing it (the verb) is to "log out" or to "log off." See login. . For more information or to download a slideshow demo program, visit Citadel's WWW WWW or W3: see World Wide Web. (World Wide Web) The common host name for a Web server. The "www-dot" prefix on Web addresses is widely used to provide a recognizable way of identifying a Web site. site at http://www.citadel.com or contact Citadel at 800-962-0701. LoneStar Hospitality Corp. owns the exclusive development rights for Miami Subs Grill Miami Subs Grill is a restaurant chain owned by Miami Subs Capital Partners 1. The chain has over 60 stores, the overwhelming majority of which are in Florida, and the remainder elsewhere on the East Coast. Restaurants in the Dallas/Fort Worth market, currently operating five Miami Subs Grill Restaurants in the area. For more information, contact LoneStar Hospitality at 214/520-9292. NOTE: The World Wide Web address above contains a double slash between "http:" and "www.citadel.com" This symbol may not appear properly in some systems CONTACT: LoneStar Hospitality Corp. Steven Solomon, 214/520-9292 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion