Network Systems International, Inc. Excercises Option Requiring Purchase of Interest In Vericom Software and Network Systems International Of North Carolina For $3,000,000.Business Editors GREENSBORO, N.C.--(BUSINESS WIRE)--Oct. 31, 2000 Network Systems International, Inc. (Nasdaq:NESI NESI Net-Centric Enterprise Solutions for Interoperability NESI Non-public Educational Services, Inc.(Salem, Massachusetts and Woodbridge, Virginia) NESI No one Expects the Spanish Inquisition (Monty Python) ) announced today that effective September 30, 2000, Network Systems International, Inc. ("NSII NSII Narrabri Stellar Intensity Interferometer ") exercised its' option to Robbie M. Efird, E.W. Miller, Jr., David F. Christian and James W. Moseley James W. Moseley (born August 4, 1931 in New York City) is an American ufologist. Probably best-known as the publisher and editor of the newsletters Saucer News and Saucer Smear, , (collectively referred to as "Buyer") to purchase for Three Million Dollars ($3,000,000) all of their interest in their two operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Vericom Software, Inc., a Texas corporation, and Network Systems International of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Inc., a North Carolina corporation. The purchase price consists of One Million Five Hundred Thousand Dollars ($1,500,000) in cash, which was received at closing, and a secured, non-recourse promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. in the aggregate amount of $1,500,000. The collateral for the notes consists of 2,925,856 shares of the common stock of NSII. The notes are payable in full, without interest, within 120 days of closing. Herbert Tabin, Network Systems President stated "Continued losses and negative cash flow within the two companies were our primary reasons for selling the subsidiaries despite their revenues. The sale of these subsidiaries should allow us to attain earnings growth along with recurring revenues as we acquire other companies like InterLAN without the burdens contained within the prior situation." 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. Act Disclaimer: This release may contain forward looking statements that involve risk and uncertainties, including without limitations, continued acceptance of the Company's products and services, increased levels of competition, new products and technological changes, the Company's dependency on financing third party suppliers and intellectual property rights, material customers, the Company's business concentration risk within the textile industry, and other risks. The Company's actual consolidated financial results during 2000, and beyond, could differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. |
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