Telesoft Corp. Announces Tenders by Affiliates and Extension of Tender
Offer
PHOENIX--(BUSINESS WIRE)--March 6, 2000--Telesoft Corp. (Nasdaq: TSFT) Monday announced that it has been
informed that Thierry E. Zerbib, Brian H. Loeb and Michael F. Zerbib (the "Telesoft Affiliates") will be tendering an aggregate
of 1,727,500 Telesoft shares as well as an additional 214,500 Telesoft shares subject to vested options of Telesoft common
stock in Telesoft's previously announced Dutch auction self-tender offer.
These shares represent approximately 50 percent of the total Telesoft shares outstanding and subject to options and available
for tender, and all of Telesoft shares owned and subject to option and available for tender by the Telesoft Affiliates. All shares
will be tendered at $7.25 per share, not at $7.00 as previously disclosed in the tender offer materials.
As of 6 p.m., New York City time, on March 6, 2000, 1,427,907 Telesoft shares and 372,425 Telesoft shares subject to
options had been tendered in the offer, representing approximately 45 percent of the total Telesoft shares outstanding and
Telesoft shares subject to options and available for tender, and approximately 87 percent of the total Telesoft shares owned by
shareholders other than the Telesoft Affiliates.
Following this decision and as a result of conversations with the Securities and Exchange Commission, Telesoft is extending the
expiration date of the offer from 12 midnight, New York City time, on Monday, March 6, 2000 to 12 midnight, New York
City time on Monday, March 20, 2000.
Contact:
Telesoft Corp., Phoenix
Michael Zerbib, 602/308-2118
Email: mzerbib@telesoft.com |
