NetWolves Announces Recent Developments With Major Customer and Norstan Extension.
TAMPA, Fla.--(BUSINESS WIRE)--May 21, 2002
NetWolves Corporation (Nasdaq:WOLV) announced today that it expects its first significant order from its major customer in or before the fiscal quarter commencing July 1, 2002. In this regard, the customer has agreed to an initial payment to NetWolves for integration of technology jointly developed for deployment by the customer.
NetWolves also announced that its agreement to acquire Norstan Network Services, Inc. has been mutually extended through June 30, 2002. The closing is subject to certain conditions including regulatory approvals and securing financing. As previously reported, Norstan Network Services, Inc. provides multiple source carrier services and related consulting services under long-term contractual arrangements. The acquisition of Norstan Network Services, Inc., a company with in excess of $20 million annual revenue and significant profitability, provides NetWolves with the competitive advantage of offering a complete program of internet security and communications services when soliciting Fortune 2000 companies.
NetWolves Technologies is a principal resource for turnkey, multifunctional, Internet access security platforms and services. With roots in software development, NetWolves is focused on bringing high-performance and secure Internet applications to businesses of all sizes. Building on the proven foundation of our core IP security technologies, NetWolves utilizes its modern and professionally staffed research and development center to bring to market new products to provide customers with the service, protection, and security they need to compete in the new millennium. Additional information on NSS platforms and MSS services can be found at the company's web site;
NetWolves and WolfPac are trademarks of NetWolves Corporation. All other trademarks, service marks, registered trademarks and registered service marks are the property of their respective owners.
All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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|Date:||May 21, 2002|
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