Morning news:
biz.yahoo.com
Tuesday September 7, 8:23 am Eastern Time
Company Press Release
SOURCE: Safeguard Scientifics, Inc.
Safeguard Scientifics Announces Filing of Pac-West Telecomm Registration Statement and Record Date and Terms for Directed Share Subscription Program
WAYNE, Pa., Sept. 7 /PRNewswire/ -- Safeguard Scientifics, Inc. (NYSE: SFE - news), an information technology holding company that develops and operates Internet-related companies, announced today that one of its partner companies, Pac-West Telecomm, Inc., has filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. Safeguard also announced that it has set a record date of September 7, 1999, for participation by Safeguard shareholders in its Directed Share Subscription Program (DSSP) for a portion of the initial public offering of common stock of Pac-West Telecomm.
?In the DSSP for Pac-West Telecomm, Safeguard shareholders will receive an offer to purchase 1 share of Pac-West Telecomm common stock for each 10 shares of Safeguard common stock held as of the record date.
?Only holders of 100 or more Safeguard shares on the record date will be eligible to participate in the DSSP for Pac-West Telecomm. This minimum applies to each account in which Safeguard shares are held.
?Offers to Safeguard shareholders will not be transferable and may not be combined among accounts.
?Preliminary prospectuses are presently expected to be distributed to Safeguard shareholders as of the record date during September or October 1999. At that time, the subscription offer also will be distributed electronically to the brokerage accounts of Safeguard shareholders holding in street name and subscription forms will be mailed to direct Safeguard shareholders.
?Safeguard shareholders who hold their shares in brokerage accounts will be able to participate in the program regardless of whether their broker is a participant in the Pac-West Telecomm IPO offering group.
The offering price per share will not be set until the IPO commences, which is expected to be approximately two to three weeks following distribution of the subscription offer and the preliminary prospectus. Once the offering price is established, participants in the DSSP will be required to submit their subscription and payment for receipt by the offering agent within four business days.
Headquartered in Stockton, California, Pac-West is an integrated communications provider (ICP) committed to providing usage-intensive customers, including Internet service providers (ISPs), medium and small businesses, and enhanced communications service providers a single source for all their telecommunications needs. Pac-West provides Internet access and other Internet infrastructure services to ISPs, who can either collocate and maintain their own equipment at Pac-West's switching sites, or subscribe to an integrated managed modems service that includes access lines, modems, routers, authentication service, and technical support.
For medium and small businesses, Pac-West designs, installs, and maintains telephone equipment and provides bundled local, long distance, and data services, including private line data transport and digital subscriber line (DSL) service.
Bear, Stearns & Co. Inc., Banc of America Securities LLC, and First Union Capital Markets Corp. will act as the managing underwriters of Pac-West's initial public offering.
A registration statement relating to the common stock of Pac-West Telecomm has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Safeguard expects to sell a portion of its Pac-West shares in the DSSP. The offering will be made only by means of a prospectus, subject to the effectiveness of the registration statement. In addition, the ratio of shares offered to Safeguard shareholders held may be subject to reduction if the overall size of the offering is reduced. If the Pac-West Telecomm offering is delayed or canceled, or if the DSSP for various reasons cannot be implemented, the DSSP for the offering will be delayed or canceled.
When available, copies of the preliminary prospectus may be obtained from Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167, 212-272-2000.
About Safeguard
Safeguard is an information technology holding company that identifies, acquires, operates, and manages Internet-related companies. Safeguard's Internet focus places particular emphasis on companies engaged in eCommerce, network infrastructure activities, and enterprise applications, including 4anything.com, eMERGE Interactive, Pac-West Telecomm, and Cambridge Technology Partners, among others. An active participant in its partner companies' success, Safeguard works closely with their management to support internal and external operations that build value and help prepare for initial public offerings and beyond. Safeguard also assists in managing and working with seven venture capital funds, many of which are also Internet-related, including TL Ventures and PA Early Stage Partners. For more information, visit www.safeguard.com.
SOURCE: Safeguard Scientifics, Inc. |
