Oriole Systems to acquire Los Angeles firm
Oriole Systems Inc OOL
Shares issued 20,740,597 1999-07-26 close $0.44
Tuesday Jul 27 1999
Mr. Al Gerenser reports
The company has agreed to acquire 51 per cent of SOS Technologies of Los Angeles, Calif. The acquisition is based on a share exchange agreement at market prices upon the closing of the agreement and management stock options currently under negotiation.
SOS will immediately accelerate Oriole's Internet development, add new customers and further enhance Oriole's e-commerce offerings using IBM's SanFrancisco Java and Magic Software's RAD products. The business applications include supply chain systems; database delivery to the Internet and focused customer service systems.
SOS will support the OrioleSystems.com effort to deliver enhanced features to MyMart.net, Oriole's current e-commerce project that provides overseas products over the World Wide Web. Oriole's e-commerce Web site mymart.net was launched on July 26, 1999, on servers in Canada and the United States. After a period of limited production, MyMart.net will begin to showcase a selection of high quality products from China, with potential revenues of $36.5-million over two years (news in Stockwatch June 15, 1999). As the site expands, MyMart.net intends to offer a full range of high quality products from other countries to the global Internet e-commerce market.
Frank Stama, chief executive officer of OrioleSystems.com says: "This group of highly talented individuals complements our ability to deliver a suite of Internet enabled solutions for our customers. SOS also brings a host of experience in implementing MAGIC software internationally for both traditional and Internet applications. Together we have an awesome ability to work through the millennium."
The agreement may be subject to regulatory approval and the approval of the directors of both companies.
WARNING: The company relies on litigation protection for "forward-looking" statements. |
