(SBAS) ObjectShare Signs Definitive Agreement to be Acquired; Combined Companies To Offer
Comprehensive E-Business Solutions
(SBAS) ObjectShare Signs Definitive Agreement to be Acquired; Combined
Companies To Offer Comprehensive E-Business Solutions
IRVINE, Calif., Nov 4, 1999 (BUSINESS WIRE) -- ObjectShare, Inc.
(OTCBB:OBJS.OB) today announced it has signed a definitive agreement to
be acquired by StarBase Corporation (NASDAQ:SBAS) in a merger
transaction.
Subject to certain limitations and adjustments set forth in the Merger
Agreement, StarBase will issue its stock in exchange for ObjectShare
stock at a value in excess of $6.1 million, but not to exceed $8.85
million based upon the average trading price of StarBase stock prior to
the closing. A $6.1 million valuation would produce a consideration per
share to ObjectShare stockholders of approximately $0.49, representing
a premium of approximately 36 percent over ObjectShare's closing price
as of November 3. The transaction, which is subject to ObjectShare
stockholders' approval and certain other conditions to closing, is
expected to be completed in early 2000. ObjectShare currently has
approximately 12,471,000 shares outstanding.
"This merger will allow ObjectShare the opportunity to leverage its
more than 16 years of industry technology and consulting solutions
experience," said Eugene L. Goda, president and chief executive officer
for ObjectShare. "We are delighted to join forces with StarBase, a
dynamic company with significant growth potential, in providing
solutions to the emerging e-Business market." He noted that StarBase
recently announced that it expects to report its 10th consecutive
quarter of revenue growth for the second fiscal quarter ended September
30, 1999 and was recently named one of the fastest growing technology
firms in Orange County.
"The synergies realized by this acquisition will position StarBase as a
true e-Business solutions provider," said William Stow, chief executive
officer at StarBase. "StarBase is acquiring a company with an
established reputation as a long-time innovator and leader in
object-oriented, enterprise solutions, as well as an extremely talented
group of individuals with expertise in training, consulting, sales and
administration. This transaction represents another important step in
the execution of our plan to offer our customers complete end-to-end
e-Business life cycle products and services."
Stow noted: "Building a successful e-Commerce application involves the
use of several technologies in addition to content development and
management. Some of the technologies often involved are object
orientation, Java, CORBA and database implementation, particularly when
organizations need to integrate existing legacy applications into their
e-Business processes."
Stow added: "We believe that ObjectShare's training and consulting
business is an excellent complement to our e-Business lifecycle
management strategy. The acquisition will enable StarBase to capitalize
on the services revenue component of the e-Business marketplace."
About ObjectShare
Founded in 1983, ObjectShare, Inc. is a leading provider of
object-oriented solutions for network computing. With complete support
for industry standards using Java or Smalltalk, the company offers its
consulting and training services worldwide. Headquartered in Irvine,
California, the company also maintains offices in Portland, OR, Germany
and the United Kingdom. For more information about ObjectShare, please
call 800-973-4777 or 949-833-1122. ObjectShare's World Wide Web address
(URL) is objectshare.com.
About StarBase
StarBase Corporation, with headquarters in Santa Ana, California,
offers a complete family of advanced Internet and Intranet-based
technical collaboration and software configuration management tools for
improving team productivity. StarTeam has won several awards including
receiving Two Thumbs Up from New Media in May 1999, receiving Four
Stars from Software Development in August 1999, being named the 25th
fastest growing ISV for Windows by Microsoft and CMP Media in April
1999, and InfoWorld's 1997 "Best of the Test Center." Leading
organizations such as Hollywood Entertainment, Bank of America, Boeing,
Dell Corporation, Intel Corporation, Sprint, and Xerox have chosen
StarTeam to aid in their development projects. StarBase is located at 4
Hutton Centre Drive, Suite 800, Santa Ana, CA 92707. Tel: (714)
445-4400. Fax: (714) 445-4404. Visit StarBase's web site at
www.starbase.com.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of ObjectShare's future
operational or financial performance and are subject to risks and
uncertainties. Actual operational and financial results may differ
materially from ObjectShare's expectations contained in the
forward-looking statements as a result of various factors, as well as
other risks and uncertainties detailed from time to time in
ObjectShare's filings with the Securities and Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: ObjectShare, Inc.
James H. Smith, 949/833-1122
jsmith@objectshare.com
or
Pondel/Wilkinson Group
(Corporate & Investor Relations)
Roger Pondel/E. E. Wang, 310/207-9300
investor@pondel.com
or
StarBase Corporation
Ann Jones, 714/445-4400 (investors)
ajones@starbase.com
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