Northgate Innovations Announces Changes in Its Board of Directors.Business Editors & High-Tech Writers
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--March 22, 2002
Northgate Innovations Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :MIGS MIGS Montreal International Game Summit (yearly conference)
MIGS Multi-source Intelligence Ground System
MIGS Multi-Intelligence Ground System (USAF, CARS & JSIPS) ) (formerly Mcglen Internet Group Inc.) today announced the resignation of Peter Janssen Peter Janssen (1844-1908) was a German historical painter. He was born at Düsseldorf, son of the engraver Theodor Janssen (1817-94), by whom he was first instructed before studying at the Academy under Karl Sohn and Bendemann. , former chairman of the board.
In addition to the resignation of Janssen, the company has accepted the resignations of board members Calvin Lai, David Jones David Jones is a common name, particularly in Wales, and there have been several well-known individuals with this name. Variations include Dave Jones and Davy Jones. and George Lee Several people share the name George Lee:
"We would like to extend our sincere thanks and appreciation to Peter Janssen and the former directors of Mcglen's board for their guidance through some very challenging times within the marketplace," commented Teng.
"Management with the assistance and foresight of the board, developed a business strategy that moved Mcglen away from the CPU CPU
in full central processing unit
Principal component of a digital computer, composed of a control unit, an instruction-decoding unit, and an arithmetic-logic unit. and memory market, prior to its downturn and repositioned the company as a valuable merger candidate and partner for Lan Plus."
"Our new company has an experienced management team, a strong balance sheet and is already a recognized leader within our market space," continued Teng. "We are poised to take advantage of our strengths and increase our market share as we aggressively grow the company and manage the bottom line for continued profitability."
"We have just completed a record fourth quarter," commented Northgate CFO See Chief Financial Officer. , Grant Trexler. "Revenues for the companies on a combined basis, for the quarter and year ended December 31, 2001, were in excess of $34 million and $86 million, respectively (after elimination of inter-company sales).
"Our merger will provide us with the capability to leverage our size and buying power Buying Power
The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available.
Also referred to as "Excess Equity. to grow system sales through our e-commerce Web sites. Management believes sales from our e-commerce sites will increase to $12 million dollars during 2002, a fifty percent increase over sales of $8 million reported for the year ended December 31, 2001."
Trexler went on to note that Northgate's balance sheet after completion of the merger had positive working capital and more than $3.5 million in cash and investments.
Mcglen has applied to the OTCBB for its symbol change and expects to begin trading under NRTH as soon as practical.
About Northgate Innovations
Northgate is a brick and mortar See bricks and mortar. developer, manufacturer and distributor of innovative PCs, peripherals, software and more than 100,000 computer products. Northgate's business model is unique as its infrastructure supports both the needs of its "brick" customers, as well as its "click" customers who purchase online through the company's two retail Web sites.
To address the needs of its more than 300,000 "click" customers, Northgate offers a full line of PCs, software, and peripherals along with more than 100,000 unique products including mixtures of computer technology, as well as entertainment and communications products through their retail Web sites.
Northgate markets its products to consumers through high-profile business partners in retail, catalog, telemarketing and over the Internet. It also sells a limited number of PC systems through customer-direct relationships to colleges, universities, government entities and small companies.
Beginning next week, the company's newly designed Web site URL URL
in full Uniform Resource Locator
Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. will be: www.northgate.net. Until the opening of Northgate's new Web site, use the following URLs: www.lan-plus.com, www.mcglen.com and www.accessmicro.com to obtain additional information about the company and its products.
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.
The statements in this news release that relate to future events and expectations are forward-looking statements. These forward-looking statements involve certain risks and uncertainties many of which are beyond the control of the company or its management. Actual results, events and performance could differ materially. Readers are therefore cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Northgate Innovations Inc. undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.