BANY News out:
Tuesday August 17, 12:41 pm Eastern Time
Company Press Release
Banyan DoubleCase Unit Purchases the Patriot
Group Product Line
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Aug. 17, 1999--Banyan Corporation (OTC BB:BANYE -
news) announces its wholly owned subsidiary, DoubleCase Corporation, has entered into an agreement to purchase the
entire Patriot Group Inc. product line.
Under the terms of the agreement, DoubleCase will purchase the Patriot Group's product line for an undisclosed cash
purchase price. The transaction is expected to close on or around Aug. 25, 1999.
One of the products DoubleCase will be acquiring is the Universal Speaker Shelf, a patented speaker mounting device that
attaches computer speakers to desktop monitors using special vibration absorbing materials. The Universal Speaker Shelf
carries a suggested retail price of $19.95 and fits all types of monitors and computer speakers, and benefits the user by
raising the speakers to ear level and reducing desktop clutter. In addition to the Universal Speaker Shelf, Banyan will be
acquiring the designs and tooling to several new products that have never been marketed.
Cameron Yost, Banyan's president and chief executive officer, stated, ``This is the first of many steps towards expanding
Banyan's existing DoubleCase product line. This acquisition complements and maintains our emphasis on low-tech,
high-margin products. DoubleCase will be introducing these new products, as well as some potential others, at this year's
Fall Comdex computer show in Las Vegas.'
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
United States 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, planned 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.
Contact:
Sitra Enterprises Inc.
Banyan Corporation Investor Relations
719/227-1903, ext. 102
bany@sitra.com
sitra.com |
