Surge Components, Inc./ Orbit Network Inc. Pending Merger.DEER PARK Deer Park. 1 Uninc. village (1990 pop. 28,840), Babylon town, Suffolk co., SE N.Y., a primarily residential suburb on Long Island. 2 City (1990 pop. 27,652), Harris co., SE Tex. , N.Y.--(BUSINESS WIRE)--December 31, 1998--Robert DePalo, Senior Partner of Equilink LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. to Surge Components, Inc.(nasdaq: SRGE) and Orbit Network, Inc. parties to a proposed transaction -which was announce yesterday, offered an overview by stating today, "with the focus on e-commerce and internet technology needs of business, Orbit provides leisure and international travel suppliers and resellers, the ability to market and distribute their products electronically to consumers, corporations and travel agents worldwide through one distribution vendor. Orbit is the only e-commerce company that provides proprietary connections to not just the internet (world wide web), but also America Online See AOL. (AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ), and all the major airline reservation systems- AMADEUS, Galileo International, SABRE and WORLDSPAN." In response to shareholder inquiries, the parties provided the following information in furtherance fur·ther·ance n. The act of furthering, advancing, or helping forward: "Pakistan does not aspire to any . . . role in furtherance of the strategies of other powers" Ismail Patel. of yesterday's press release. Orbit Network, Inc. was founded in 1995 and has spent $15 million on research, development and acquiring two strategic travel technology companies and a New Media company. Orbit's proprietary technology for the distribution of content across its distribution channels, delivers reach of target buyers and time to market advantages, that travel suppliers could never achieve on their own. Orbit will close out 1998 with revenues of approximately $2.3 million, much of which occurred in the fourth quarter ending Dec. 31st. Projected revenues for 1999 are in excess of $12 million and Orbit expects to be cash flow positive in the first quarter 1999. No action will be taken on the proposed transaction before Surge shareholders receive proxy solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual materials. 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 the Companies' business strategies and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. These and other important factors, including those mentioned in various filings with the Securities and Exchange Commission made periodically by the Company (available to the public at www.sec.gov), may cause the actual results and performance to differ materially from the future results expressed in or implied by such forward looking statements. The forward looking statements and the Companies disclaim any obligation to provide public updates, revisions or amendments to any forward looking statements herein to reflect changes in the Companies' expectations or future events. |
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