Printer Friendly

Mcglen Announces Continued Purchases of Its Stock by Lan Plus CEO.

Business Editors & High-Tech Writers

CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Sept. 10, 2001

Mcglen Internet Group Inc. (OTCBB:MIGS), a leading provider of branded Internet storefront exchanges for Business to Business (B2B), today announced that Andy Teng, founder and CEO of Lan Plus, purchased an additional 150,000 shares of Mcglen Internet Group common stock in August 2001.

This purchase brings the total number of shares of Mcglen common stock purchased by Teng to more than 650,000 since May 1, 2001. In addition to Teng's holdings as an individual, Teng also controls more than 727,000 shares owned by Lan Plus, or approximately 4% of the total outstanding shares of Mcglen.

Lan Plus and Mcglen entered into a merger agreement in October 2000. The merger of the two companies is now expected to be completed by the end of October 2001 with proxies being mailed out to shareholders shortly after the SEC declares the registration statement effective.

Mcglen's annual shareholders meeting to approve the merger will be held in mid-to-late October. Upon consummation of the merger, a new company will emerge -- Northgate Innovations Inc.

Teng, founder and CEO of Lan Plus will assume the position of chairman and CEO of Northgate Innovations, while Richard Shyu, currently vice president of sales and marketing of Lan Plus, will become president of the combined companies. Shareholder and regulatory approvals are required for the proposed merger between Mcglen and Lan Plus.

"While we are disappointed that we will not able to complete the merger this quarter, we continue to be pleased with the changes in Mcglen's business model, which has decreased our reliance on the volatile memory and CPU market while developing alternative product lines," said Grant Trexler, Mcglen's CFO.

"August net sales were over $2MM, our best month since January and exceptional considering the competitive market for computers and computer-related products."

The company also announced that it has discontinued its Techsumer.com Web site, focusing its efforts on its two "name-brand" Web sites that have been in existence since 1996, Mcglen.com and AccessMicro.com. Users that go to Techsumer.com will be automatically redirected to Mcglen.com.

Trexler stated, "These two Web sites accounted for approximately 98% of the company's net sales and with our focus on the mining of our existing customer base and on products where we have a competitive advantage in sourcing, management felt it would be best to focus all of our efforts on the company's other Web sites."

About Lan Plus Corp.

Lan Plus manufactures computers and turnkey computer offerings through high-profile business partners in the retail, catalog, television infomercials, as well as other industries. Lan Plus markets its products under the Northgate, Protek, e-Pcdirect and Netway brands, as well as through private-label programs with systems integrators and resellers. Visit the Lan Plus Web site at http://www.lan-plus.com.

About Mcglen Internet Group

Mcglen Internet Group is focused on providing specialty technology, components and memory products through its Business-to-Business (B2B) storefront exchanges. Mcglen provides unlimited global access to "difficult to source" technology-oriented products and services.

Mcglen operates two B2B storefronts at the following Internet addresses: http://www.mcglen.com, a B2B site targeted at IT and IS professionals; and http://www.accessmicro.com, a B2B site targeted at resellers, integrators and small-office customers. For more information about Mcglen Internet Group, visit the corporate Web site at www.mcglen.net.

Safe Harbor

The statements in this news release that relate to the culmination of the merger between Mcglen Internet Group and Lan Plus, and the change of company names Northgate are forward-looking statements. These forward-looking statements involve certain risks and uncertainties associated with the companies ability to ability to finalize a merger agreement with Lan Plus Corp. and its ability to obtain shareholder and regulatory approval. 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. Mcglen Internet Group 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.

This material is not a substitute for the proxy statement Mcglen will file with the Securities and Exchange Commission. Investors are urged to read that document because it will contain important information. The proxy statement and other documents filed by Mcglen will be available free of charge at the SEC's Web site (www.sec.gov) and from Mcglen.

Mcglen, its directors and certain of its executive officers may be considered participants in the solicitation of proxies in connection with the proposed acquisition. Information concerning Mcglen's directors and executive officers can be found in the documents filed by Mcglen with the SEC. Additional information regarding the participants in the solicitation will be contained in the proxy statement.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, 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 10, 2001
Words:817
Previous Article:Universal Electronics Board Authorizes Repurchase of Additional One Million Shares.
Next Article:Critical Path Announces Continued Progress On Its Financial Restructuring Plan.
Topics:


Related Articles
Mcglen Announces Availability of New Integra all-in-one Personal Computer and Entertainment System.
Mcglen Announces the Purchase of Its Common Stock by Lan Plus CEO.
Mcglen Submits S-1 Registration Statement Containing Pro Forma and Detailed Information Regarding Its Pending Merger With Lan Plus to The SEC.
Mcglen Submits S-4 Registration Statement Containing Detailed Information Regarding Its Pending Merger With Lan Plus to the SEC.
Mcglen Announces the Purchase of Its Common Stock by Lan Plus CEO.
Mcglen Submits Amended S-4 Registration Statement Regarding Its Pending Merger With Lan Plus to the SEC.
Mcglen Submits Amended S-4 Registration Statement Pertaining to February Merger With Lan Plus.
Mcglen Announces Ongoing Discussions of Its Merger With Lan Plus Corp.
Mcglen Internet Group, Inc. and Lan Plus Corporation Complete Merger; New Company to be Named Northgate Innovations, Inc.
Northgate Innovations Files Pro Forma Year-End Financials for Mcglen Internet Group and Northgate's Wholly Owned Subsidiary Lan Plus.

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