TERA COMPUTER COMPANY CLOSES CRAY ACQUISITION.Tera Computer Co. (Nasdaq NM: TERA), a leading designer of high-performance computer systems, announced that it has closed its acquisition of the Cray vector supercomputer business unit, and the Cray brand name from SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. (NYSE NYSE See: New York Stock Exchange : SGI). The definitive agreement to acquire Cray was previously announced on March 2, 2000. The acquisition was made in exchange for $15 million in cash, one million shares of unregistered common stock and a nine-month promissory note 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 amount of $36.3 million subject to adjustment upon final audit. The company has been renamed Cray Inc., and has applied to Nasdaq to have its NM ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors changed from TERA to Cray. "The re-emergence of Cray as an independent company represents the start of a new chapter in high performance computing. I am proud to the part of this exciting company and look forward to leveraging the many talents of our employees," says Jim Rottsolk, Tera president and chief executive officer. Cray Inc., formerly Tera Computer Co., designs, builds and sells high-performance vector processor A computer with built-in instructions that perform multiple calculations on vectors (one-dimensional arrays) simultaneously. It is used to solve the same or similar problems as an array processor; however, a vector processor passes a vector to a functional unit, whereas an array processor and general-purpose parallel computer systems. The company has leading edge technology, multiple product platforms, annual revenues of over $200 million, nearly 900 employees, a $2 billion installed base of over 600 computers worldwide, major manufacturing and service capabilities, and extensive global customer relationships. |
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