bought CBRA, 1 1/4, great news yesterday (rev 16.7M, earnings $921,140,pretax). was up to 1 3/4 on May 7 - finally a decent pick from Thisweek's picks. Please don't chase and take your time
Cobra Technologies, Inc. in Agreement to Acquire Computer Marketplace Inc.
Business/Technology Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--June 17, 1999--
Acquisition of Network Solutions Provider Fuels
Corporate Growth Strategy
Cobra Technologies, Inc. (OTC-BB:CBRA) announced today that it
has reached a definitive agreement to acquire Tewksbury, Massachusetts
based Computer Marketplace Inc. ("CMI ") for cash and stock. CMI, a
premier Network Solutions and Systems Company, founded in 1983, is a
high growth solutions company with national and international
business. 1998 Revenues were $16.7 million with pretax earnings of
$921,740 (audited).
The agreement with CMI denotes a significant move in fulfilling
Cobra's business plan to acquire and consolidate businesses that
deliver solutions, products, services, support, education and Web
based training to the Information Technologies industry. CMI, a high
growth solutions company with national and international businesses,
has a broad based client list and is currently on track to exceed $ 25
million in revenues for calendar year 1999. David Burke, Sr., CEO and
founder of CMI commented " Cobra's acquisition of CMI will facilitate
faster growth and expansion of our core businesses -- supplying
networking solutions, system integration and high volume enterprise
rollouts to Fortune 1000 companies at a much greater pace than
previously possible."
About Cobra:
With Corporate offices in Boca Raton, FL, Cobra Technologies,
Inc. is currently evaluating more than 50 privately held businesses
with revenues exceeding an aggregate of $500 Million. The Company has
signed letters of intent to acquire companies with consolidated
revenues of at least $50 million in calendar year 1999 and began
executing the business plan with last month's acquisition of
pinneast.com (http://www.pinneast.com). The Company's strategy is to
achieve exceptional returns by (1) consolidating synergistic computer
businesses, (2) by integrating their operations to eliminate
redundancy and promote efficiency, and (3) by applying a superior
level of management. The Company continues to harness the business
synergies and management skills of acquired businesses, thus
propelling itself into a leadership position in the Information
Technologies industry. Cobra Website: cobrainc.com
About CMI:
The Company provides Network Solutions and Systems services to
businesses in a wide variety of fields. One particularly successful
trademarked service developed by CMI is "Share-A-CNETM."". This
program provides the benefits of a Certified Network Engineer,
significantly reducing associated costs while working closely with
client IS departments with all the available resources of CMI, on an
"on call" basis. The experienced technical staff is led by an elite
team of Certified Network Engineers who are on the cutting edge of
design, installation and service. The Company has established itself
as a consistent provider of computer networks with a particular focus
on ease-of-use, reliable performance and transparency to the user.
Other information can be found at CMI's Website: cminet.com
CMI current client list includes: America On-Line (NYSE: AOL),
Lucent Technologies (NYSE: LU) AT&T NMSC, AT&T Wireless, Ogden
Corporation (NYSE: OG), Applied Card Services, J C Penney (NYSE: JCP)
Picturetel (NASDAQ: PCTL), Bell Canada, The Prudential Insurance
Companies, Boston Public Schools, Sodexho-Marriot Services (NYSE:
SDH), Capital One (NYSE: COF), Sprint Corp. (NYSE: FON), Carlson
Wagonlit Travel Services, State Farm Insurance Companies, IBM Global
Services, USA Group, First USA Bank, Video Server, Geico Direct,
Wachovia Bank, Hewlett Packard Co.(NYSE: HP)
Forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are based on current
management expectations that involve risks and uncertainties that may
result in such expectations not being realized. Potential risks and
uncertainties include, but are not limited to, the risks described in
filings with the Securities and Exchange Commission.
--30--jl/ny*
CONTACT: Cobra Technologies, Inc.
Michelle J. Michalow
Chief Information Officer
561/395-1920
or
The Pinnacle Group
Mark Cohen
516/773-2477
www.pinnaclegroupny.com
KEYWORD: NEW YORK MASSACHUSETTS FLORIDA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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URL: businesswire.com
Jun-17-1999 11:22 GMT
Symbols:
US;CBRA
Source BW Business Wire |
