Printer Friendly

Banyan Receives Favorable Court Ruling.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Sept. 21, 1998--Banyan Corporation (OTC BB:BANY) announces that the United States District Court for the District of Oregon has issued a ruling in support of a resolution by Banyan's Board of Directors canceling stock certificates representing 495,000 shares of restricted Banyan Common Stock earlier this year.

Banyan sought a court order supporting the Board's resolution when the canceled certificates were recently presented to the transfer agent for transfer. In the event that any of the shares represented by the canceled certificates were sold by the certificates' holder or an agent of the holder, those sales would now be classified as "short" sales.

Cameron Yost, Banyan's president and chief executive officer, stated, "I have said it in the past, and I will say it again, neither Banyan nor I will not take lightly any action by any person or entity that is potentially harmful to Banyan and its shareholders.

"We do not know if the cancelled shares were sold prior to their presentation to the transfer agent, but if they were, eventually, they will need to be repurchased on the open market by the original holder to satisfy a potential short position. Banyan is setting a precedent with this case and will pursue any and all future such cases with the same vigor."

Banyan Corporation is a publicly traded holding company with operating subsidiaries engaged in designing, manufacturing and marketing a variety of personal computer accessory products with a focus on the notebook computer market -- the fastest growing segment of the personal computer industry.

Through its wholly owned DoubleCase Corporation subsidiary, Banyan is a leading manufacturer of notebook computer hard-sided protective carrying cases. Banyan's products are currently available through distribution from Ingram Micro and sold through a wide variety of computer mail order catalogs, several of the largest U.S. computer retailers, Value Added Resellers (VARs), a number of overseas vendors, and to the U.S. government.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors.
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Sep 21, 1998
Previous Article:Indus International Announces SAP Financial Integration Solution.
Next Writes the Next Chapter in Interactive Advertising With Debut of "ActiveAudio" In-Stream Audio and Coinciding Banners.

Related Articles
IRS provides favorable guidance for troubled insurers.
IRS revokes favorable royalty ruling.
Disclosing officer misconduct: a constitutional duty.
No "insider" inurement finding reinstates charitable exemption.
IRS modifies expatriation ruling practice.
Tennessee court rules that AOL does not have nexus in the state.
Springfield OKs hospital plan.
Federal and state class actions are certified at equal rates, study finds.
Arbitration rules for AI.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters