Banyan Announces Participation in ANYI ShareExchange Offer
November 23, 1999 12:10 PM
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Nov. 23, 1999--Banyan Corporation announces that its Board of Directors has reviewed and voted to participate in Anything Internet Corporation's ANYI Share Exchange Offer which expires on November 30, 1999.
Banyan will convert 550,000 of its ANYI Common Shares into 275,000 shares of $15 Convertible Preferred Stock. After a minimum holding period of one year, Banyan may convert these Preferred Shares back into 825,000 shares, plus interest, of ANYI Common Stock. Banyan's Board has reviewed Anything Internet's new national marketing plan and is very confident in the Company's ability to execute the marketing plan successfully in the coming year, and henceforth is very comfortable locking up its holdings for at least a year.
Cameron Yost, Banyan's President and Chief Executive Officer, stated: "We have reviewed the Anything Internet marketing plan and Share Exchange Offer and have decided it is in the best interest of our shareholders to participate and commit the majority of Banyan's Anything Internet holdings to the Exchange Offer. In the long run, we anticipate this will further enhance our own shareholder value and the ability of Banyan to fund future acquisitions and joint ventures."
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 and Showcase Technologies brand names, controls 26% of Anything Internet Corporation and wholly owns Toplisting.com 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, planed 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. For a description of additional risks and uncertainties, please refer to Banyan's filings with the Securities and Exchange Commission.
CONTACT: Banyan Corporation Investor Relations, 719/531-5535 bany@sitra.com sitra.com
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