Here is news out today
Wednesday September 1, 5:40 pm Eastern Time
Company Press Release
Global MAINTECH Announces Reverse Stock Split
MINNEAPOLIS--(BUSINESS WIRE)--Sept. 1, 1999--Global MAINTECH Corporation (OTC BB:GLBM) a worldwide leader in systems for data centers, announced a reverse stock split of one share for five, effective 8:00 a.m. EST on September 2, 1999. The purpose of the reverse split is to better position MAINTECH's common stock with other companies of similar size and to facilitate movement to broader national markets.
For 20 trading days after the split, the Company's common stock will trade under the symbol ''GLBMD.'' Thereafter, the symbol will revert to ''GLBM.''
Registered shareholders as of the close of trading on September 1, 1999 will receive written notice regarding the procedure for exchanging their stock certificates.
MAINTECH has $15.5 million in stockholders' equity and reported revenues for the fiscal quarter ended June 30, 1999 of $12.7 million. MAINTECH has recently applied for listing on the NASDAQ small cap market.
MAINTECH supplies world-class systems (device and system consolidation, systems and network management and storage products) to data centers. Products include the Virtual Command Center, a master console that provides simultaneous control, operation and monitoring for mainframe, midrange, UNIX, Microsoft NT and networks. The VCC can provide efficient consolidation of consoles for delivery of software provided by other companies in the enterprise management market and is able to respond to messages, events and alerts of a computer enterprise at a single location. MAINTECH's Singlepoint Systems group sells system services and event notification software, the Magnum Technologies group sells proprietary network and systems management software, and the Breece Hill group sells proprietary tape storage libraries for mass storage in data centers.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitations, continued use of the Company's services, and the continued availability of labor resources.
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