NEWS!
Advanced Oxygen Technologies to be acquired by EMC Corporation.
(BUSINESS WIRE)--Nov. 16, 1999 11:19am est.
Advanced Oxygen Technologies (OTC BB:AOXY) announced it has entered into a binding Letter
of Intent by billion dollar EMC Corporation (NYSE:EMC) to come under its broad corporate umbrella. The agreement is part of
the ongoing efforts by Advanced Oxygen Technologies to significantly expand its Database Management efforts with bigger and more complex clients, something the company could not do without the financial support and influence of internationally known EMC Corporation.
Advanced Oxygen Technologies will implement and assist Data General, a Division of EMC Corporation, with Database management implementation and help address y2k concerns by the corporations 63 current clients.
Under terms of the agreement, EMC Corporation will acquire all 29,345,900 issued and outstanding shares of Advanced Oxygen Technologies for 32 cents a share which includes all current assets of the public entity, plus previous clientele goodwill for a period of no less than 6 months. The closing date is scheduled for December 2, 1999.
Robert E. Wolfe, Chairman of the Board and Chief Executive Officer and Principal
Financial Officer of Advanced Oxygen stated: "we are extremely excited to be acquired by EMC Corporation as we feel it was the most efficient and effective way at securing our future as well as rewarding our long term shareholders with a buyout offer 13% higher than we have ever traded in the past 3 years."
A general response by EMC Corporation states: "EMC Corporation is pleased to welcome all new corporate entities acquired under our holding umbrella. We feel we can offer more synergistic qualities to data management and implementation companies today in this rapidly evolving environment through acquisition and or merger of tomorrow's potential giants"
Advanced Oxygen Technology Inc. (AOXY) is a US corporation publicly traded on the NASDAQ OTC. AOXY's corporate headquarters is located in Midtown, Manhattan, New York, and it's business location is in Santa Clarita, California.
AOXY is a CD-ROM publisher/reseller, an event seller, and database management company. Current clients include: Comdex,
Vanguard, and Dunn and Bradstreet.
About Data General
Data General, a Division of EMC Corporation (NYSE:EMC), is a major supplier of enterprise and departmental computing solutions for customers worldwide. The division's products include Microsoft Windows NT- and UNIX-based AViiON servers and related software and services. Strategic alliances with leading software vendors and systems integrators enable Data General to deliver complete solutions that meet customers' business needs for their departments and enterprises. Additional information on Data General, its products and services is available on the Internet at www.dg.com. More information on EMC Corporation, the world's leading provider of enterprise storage systems and software, can be accessed on the Internet at www.emc.com.
CONTACT:
Data General Brodeur Porter Novelli
Eithne Egan Gina Rezendes
508/898-6664 617/587-2839
eithne-egan@dg.com grezendes@brodeur.com |
