May 30 News release:
X-Netcom-Date: Tue Jun 11 7:09:52 AM CDT 1996
Newsgroups: misc.invest.stocks
5/30/96 - PerfectData Corp. board of directors authorizes distribution
of Starnet Universe Internet Inc. shares as a dividend to PerfectData
shareholders
{TEXT}
SIMI VALLEY, CALIF. (May 30) BUSINESS WIRE -May 30, 1996--PerfectData
Corp. (Additional NASDAQ:[PERF]) Thursday announced that its board of
directors authorized the distribution of 5 shares of Starnet Universe
Internet Inc. (Staruni) for each 100 shares of PerfectData held or one
share of Staruni for each 20 shares of PerfectData; no fractional
shares will be issued.
Fractional shares will be paid out at $4 per share.
===================================================
The distribution will be made on July 18, 1996, to shareholders of
record July 2, 1996. Staruni will file a Form 10 Registration Statement
with the SEC with regard to spin off of Staruni shares.
This distribution of shares by PerfectData will be in the form of a
dividend to its shareholders. PerfectData currently owns 2,155,000
shares of Staruni. After the distribution PerfectData will continue to
hold more than 2 million shares of Staruni.
At this time the company makes no opinion regarding the tax
consequences. The company suggests that independent tax advice
concerning this distribution be obtained.
Staruni was formed to conduct commerce on the Internet. The company is
developing proprietary software for its wholly owned sites
"PerfecTrade" and "Office Warehouse." PerfecTrade is a stock-trading
mechanism which the company hopes to form into an Internet stock
exchange. Staruni is also creating various cyberspace product
Superstores and on-line catalogs.
PerfectData, based in Simi Valley, designs and markets a broad line of
computer, office care and maintenance products, and accessories. The
products are designed to eliminate or minimize contamination in and
around comp
uters and office automation equipment, and to enhance user performance.
The company began its move into the high-technology field last summer
with the acquisition of Starnet Universe, a Web server and Internet
provider.
--30--TJJ/la* AT/la
CONTACT: PerfectData Corp., Simi Valley
Joseph Mazin, 805/581-4000; 818/982-1650 or
213/875-1590
or
Bruce D. Stuart, 310/358-2340
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