Loudcloud Clears Regulatory Hurdles for EDS Transaction; Company Expects Deal Will Close Ahead of Schedule; Stockholder Meeting Set to Approve Transaction.Business Editors/High-Tech Writers Loudcloud, Inc. (Nasdaq:LDCL), to be re-branded Opsware Inc., today announced that it filed its definitive proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. with the Securities and Exchange Commission on July 10, 2002 and scheduled a special meeting of stockholders to be held on August 9, 2002 to approve its transaction with EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. . In addition, on June 28, 2002, the Federal Trade Commission granted early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. enabling Loudcloud and EDS to move forward with the transaction. "We are excited with the progress made towards completing the transaction and believe the deal will close ahead of our previously stated September target date", said Ben Horowitz, Loudcloud's 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. . About Loudcloud Loudcloud, to be re-branded as Opsware Inc, is a leading provider of IT automation software, offering a complete solution for enterprises, government agencies and service providers looking to reduce costs and increase IT efficiencies. The Opsware System automates the complete IT lifecycle including provisioning, deploying, changing, scaling, securing, recovering, consolidating, auditing and reallocating servers and business applications. Opsware is the foundation of Loudcloud's software-powered managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality business and has been proven to lower costs, accelerate change and increase service quality. For more information on Opsware Inc., please visit our Web site at www.opswareinc.com or www.opsware.com. Note to Editors: Loudcloud and Opsware are service marks and trademarks of Loudcloud, Inc. All other product names, service marks, and trademarks mentioned herein are trademarks of their respective owners. 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. regarding our expectations concerning the closing date of the transaction with EDS. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that the assumptions underlying Loudcloud's current business strategy may change and that the closing of the acquisition of the managed services business by EDS may not occur in the time frame indicated or at all. More information about these and other factors that could affect Loudcloud's business and financial results is included in Loudcloud's definitive proxy statement filed with the SEC on July 10, 2002, 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. filed with the SEC on May 1, 2002 (as amended on June 20, 2002) and Loudcloud's Form 10-Q Form 10-Q See 10-Q. filed with the SEC on June 14, 2002 under the headings "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations." Loudcloud investors and security holders are advised to read the definitive proxy statement regarding the transaction with EDS and other relevant documents filed with the SEC, because they contain important information on the proposed transaction. Our definitive proxy statement was filed with the SEC on July 10, 2002. You may obtain documents filed with the SEC free of charge at the SEC's web site at www.sec.gov. In addition, you may also obtain documents filed by Loudcloud by requesting them in writing from Loudcloud, Inc., 599 N. Mathilda Avenue, Sunnyvale, CA 94085, Attn: Ken Tinsley. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion