BANYAN ANNOUNCES FILING OF SEC FORM 10-SB
Colorado Springs, Colorado - May 14, 1999 - Banyan Corporation (OTC Bulletin Board -- BANY) announces that earlier today it filed a Form 10-SB registration and disclosure statement with the Securities and Exchange Commission (SEC). Once this filing is declared "effective", Banyan will be required to file periodical reports with the SEC as required by Section 12(g) of the Securities Exchange Act of 1934, as amended, and will be in full compliance with the SEC's new disclosure requirements for publicly traded companies as mandated by the SEC on January 4, 1999.
Cameron Yost, Banyan's President and Chief Executive Officer, stated, "Today's filing with SEC marks a major milestone for Banyan as a publicly traded company. Everything about our company - past, present and future - is now public information. While it has been a long road for us to reach this level of maturity, it is one that opens many new doors to various opportunities. In addition, today's filing should eliminate everyone's concerns over whether or not Banyan will be able to retain its OTC Bulletin Board listing when the SEC starts delisting non-compliant companies later this year."
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in designing, manufacturing and marketing products and services aimed at the personal computer market, the notebook segment in particular which is also the fastest growing segment of the personal computer industry, and Internet e-commerce. Banyan currently sells a line of hard-sided protective carrying cases for notebook computers under the DoubleCase brand name and controls 26% of Anything Internet Corporation. Banyan's products are currently available through distribution from Ingram Micro and sold through a wide variety of Internet e-commerce storefronts, computer mail order catalogs, several of the largest U.S. computer retailers, Value Added Resellers (VARs), a number of overseas vendors, and to the U.S. government.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planed capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors.
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