ANTs Defers Stock Split; Moves Headquarters
biz.yahoo.com
BURLINGAME, Calif.--(BUSINESS WIRE)--Jan. 7, 2000--Frederick D. Pettit, newly appointed Chairman & CEO of ANTs software.com (OTCBB:ANTS) made the following announcement today with respect to the stock split announced by the company's former Chairman late last year.
Pettit said, "The prerequisites to effect a two for one split of the company's shares are a majority of shareholder votes in favor and adequate authorized shares to accommodate the split on the date of record. Neither of these prerequisites has been fulfilled as of today, so the split must be postponed."
Pettit said, "Obviously, if we had the votes and the shares, the split would go through as announced on December 22, 1999. But we don't and a host of truly erratic developments has happened between then and now. We are going to take this opportunity to settle things down a bit. Therefore, the possibility of a split is currently on a deferred basis for periodic review."
On another front, the company's headquarters has been moved, effective today, to Burlingame to a temporary location pending fitting out of the new headquarters location acquired in mid-December in nearby San Mateo. This new location will allow the shift of the company from Santa Barbara to the Silicon Valley area earlier than originally planned and now made essential by recent events.
Pettit said the temporary facilities will also "assist with recruiting and accommodate the company's build up of staff prior to occupying its new headquarters around April 2000. Temporary space is being acquired at 500 and 533 Airport Boulevard in Burlingame. Both of these buildings have a supporting infrastructure of shared facilities designed to make getting into business and moving thereafter relatively painless and much more cost effective than other wholly self-sufficient, interim alternatives."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," confident that," "believe," "expect," "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, and other risks.
CONTACT:
ANTs software.com
J.L. Crary, 650/343-9486, 650/342-1207 (fax)
or
Prima Capital - Corporate Communications, 800/600-8599
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