TeleVideo, Inc. Announces Going-Private Transaction.Business Editors and High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Nov. 26, 2002 TeleVideo, Inc (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TELV.OB), a developer and manufacturer of thin client hardware and software, announced today the signing of a definitive agreement for the merger of Homebound home·bound adj. Restricted or confined to home, as of an invalid. Acquisition, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. controlled by Dr. K. Philip Hwang (TeleVideo's Chief Executive Officer, Chairman of the Board, and majority stockholder), with and into TeleVideo, Inc. Under the terms of the merger, Homebound Acquisition, Inc. will pay approximately $280,000 for all the outstanding shares of TeleVideo's common stock (other than those shares beneficially owned by Dr. K. Philip Hwang and treasury shares). Each such share will receive approximately $0.0675 in cash, without interest. Following the merger, TeleVideo will no longer be publicly traded and will continue operations as a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation . The merger and the merger agreement have been approved by a special independent committee and the full Board of Directors of TeleVideo and is subject to the approval of the stockholders and other closing conditions. About TeleVideo, Inc. A pioneering Silicon Valley company, TeleVideo, Inc. (OTCBB:TELV.OB) began in 1975 as the innovator and market leader of smart text terminals. Today, TeleVideo continues to be innovative by developing Windows-Based Thin Client hardware and software solutions for corporate and vertical IT professionals and end-users. TeleVideo's family of TeleCLIENT products allows for secured, manageable and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. network computing Storing and/or running applications in servers in a network. See cloud computing and network computer. . For more information, please visit www.televideo.com. About Homebound Acquisition, Inc. Homebound Acquisition, Inc. is a Delaware corporation formed by Dr. K. Philip Hwang, TeleVideo's Chief Executive Officer, Chairman of the Board, and majority stockholder. TeleVideo may not commence or complete the proposed transaction described in this press release. Investors should read TeleVideo's information statement and other documents, if and when it becomes available, describing the proposed transaction and the documents incorporated therein for a more detailed discussion of the proposed transaction and the associated risks and uncertainties. TeleVideo is under no obligation and does not intend to update any of the information provided in this press release, even if events or future changes make it clear that the proposed transaction will not occur at the price set forth in this press release or at all. |
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