ObjectShare Signs Definitive Agreement With Valtech; Valtech To Acquire ObjectShare European Operations
ObjectShare Signs Definitive Agreement With Valtech; Valtech To Acquire
ObjectShare European Operations
IRVINE, Calif., Nov 23, 1999 (BUSINESS WIRE) -- ObjectShare Inc.
(OTCBB:OBJS.OB) today announced the signing of a definitive agreement
to sell the assets of its European subsidiary operations to Valtech S.
A., headquartered in Paris.
The European operations consist of offices in Munich (Germany) and
Farnham (United Kingdom). The European consulting revenues of
ObjectShare should reach Euro 1.3 million for the calendar year 1999.
"Spinning off our European group allows ObjectShare to concentrate on
rebuilding and focusing our training and consulting organization on an
e-Business consulting strategy in North America in conjunction with our
proposed integration with StarBase Corporation," said Eugene L. Goda,
president and chief executive officer for ObjectShare. "Valtech is a
well-respected and leading provider of e-Business consulting services
in Europe and we believe the synergies between the two companies are a
good match that will result in ongoing relationships in the future."
Goda noted that as part of the agreement, both companies will establish
a cooperative partnership that would enable ObjectShare to maintain a
broad consulting representation in Europe.
Jean-Yves Hardy, CEO of Valtech, is very enthusiastic about the
transaction: "This acquisition gives us an excellent foothold in the
German market with strong management in place and a team of experienced
people. Munich was our first choice to begin operations in Germany, so
it is a very good fit with the Valtech international expansion
strategy. The agreement also reinforces Valtech's presence in the
United Kingdom where we should move beyond the critical size of 50
people by the end of 1999."
ObjectShare stated that the transaction was viewed as positive by
StarBase Corporation and would have no effect on the pending
transaction. Earlier this month, the company announced that it had
signed a definitive agreement to merge with StarBase, pending
ObjectShare shareholder approval.
About ObjectShare
Founded in 1983, ObjectShare Inc. is a leading provider of
object-oriented solutions for e-Business. With complete support for
industry standards using Java or Smalltalk, the company offers its
consulting and training services worldwide. Headquartered in Irvine,
Calif., the company also maintains offices in Portland, Ore.,
Arlington, Va., Germany, Japan, and the United Kingdom. For more
information about ObjectShare, call 1-800-973-4777 or 949/833-1122.
ObjectShare's World Wide Web address (URL) is
objectshare.com.
About Valtech
Founded in 1993, Valtech (http://www.valtech.com) is one of Europe's
leading providers of e-Business consulting. Valtech has offices in
Dallas, Denver, New York, London, Manchester, Paris, Toulouse, Zurich,
Stockholm and Uppsala.
Valtech is listed on the Euro-NM and Nouveau Marche (SICOVAM 7248).
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.
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CONTACT: ObjectShare Inc.
Eugene L. Goda, 949/833-1122
invest@objectshare.com
or
Pondel/Wilkinson Group
310/207-9300
E. E. Wang/Roger Pondel
Investor and Corporate Relations
investor@pondel.com
or
Valtech S.A.
Marie-Cecile Rochet, 33-1-141 88 2300
Public Relations
marie-cecile.rochet@valtech.fr
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