BANYAN CORPORATION
==================
4740 Forge Road, Building 112
Colorado Springs, Colorado 80907
(719) 531-5535 (719) 531-9135 Fax
FOR IMMEDIATE RELEASE
Please contact: Sitra Enterprises, Inc.
Investor Relations
(719) 227-1903 Ext. 102
E-Mail: bany@sitra.com
Internet: sitra.com
BANYAN ENTERS INTO LETTER OF INTENT TO PURCHASE
SHOWCASE TECHNOLOGIES, LLC.
Announces New DoubleCase President and COO
Colorado Springs, Colorado - August 19, 1999 -- Banyan Corporation (OTC
Bulletin Board - BANYE) announces that it has entered into a Letter of Intent
to purchase all of the assets of Showcase Technologies, LLC. Under the
terms of the Letter of Intent, this acquisition will close on or before September
30, 1999.
Over the past two years Showcase Technologies has developed an extensive
line of carrying cases for computers, personal digital assistants (PDAs) and
cameras. Their product lineup includes a hard-sided carrying case featuring
the patent-pending Smart-Track Adjustable Compartment System, a patented
Smart Strap Shoulder Strap featuring the Comfort-Stretch System, a series of
hard-sided rolling cases, a line of leather and imitation leather soft-sided
carrying cases, a backpack for educational markets, a series of camera cases,
an aluminum case that competes directly with Zero Haliburton, and a series of
premium/promotional products that includes matching leather cases and
jackets. Additionally, Philips Electronics purchases a specially made case from
Showcase Technologies for resell with their Nino PDA. For more information
on the Showcase Technologies' product line, visit their Internet site at
www.showcasetech.com.
In conjunction with this agreement, Banyan also announces that Alan Hillsberg,
the founder of Showcase Technologies, will assume the positions of President
and Chief Operating Officer at Banyan's wholly-owned subsidiary,
DoubleCase Corporation, upon the closing of this transaction. Mr. Hillsberg
has overseen the development and established the manufacturing contacts for
the current Showcase Technologies' product line, and has a solid knowledge
and understanding of the marketing requirements of the computer and camera
carrying case business.
Cameron Yost, Banyan's President and Chief Executive Officer, stated, "We
are extremely excited by these new developments. We now have a solution
for every conceivable carrying case need - whether it requires a hard-sided
case, a soft-sided bag, a rolling case, or the high-end promotional market... and
complements both the recently announced products being acquired from
Patriot Group and our own hard-sided DoubleCase product line."
"With these developments we now have a very broad and diverse product
offering that appeals to both corporate and consumer customers, as well as
direct and retail marketing channels. We will introduce all of these new
products at this year's Fall Comdex computer show and will be aggressively
marketing to the retail channels afterwards," added Mr. Yost.
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, 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.
* * * |
