(BSNS WIRE) Vertical Computer Systems Enters Letter of Intent to Merge with Vertical Computer Systems Enters Letter of Intent to Merge with Reporting Company
Business Editors
LOS ANGELES--(BUSINESS WIRE)--March 15, 2000--Vertical Computer Systems, Inc. (OTC:VCSY) announced today that it has entered into a letter of intent to merge with Scientific Fuel Technology, Inc. a 1934 Act fully reporting company.
As a result of the intended merger, the current shareholders of Scientific Fuel Technology, Inc. would become shareholders of Vertical Computer Systems, Inc. Pursuant to the merger and under the provisions of Rule 12 of the Exchange Act, Vertical Computer Systems, Inc. would assume the reporting obligations of Scientific Fuel Technology, Inc. by electing successor issuer status. This would cause Vertical Computer Systems, Inc. to become a fully reporting company. Combined financial statements of Scientific Fuel Technology, Inc. and Vertical Computer Systems, Inc. will then be required to be completed within 75 days from date of merger, and attached to the Company's 8-K filing.
Richard Wade, Vertical president, stated, "Vertical Computer Systems has entered into this letter of intent with Scientific Fuel Technology, with the intention of becoming a fully reporting company in compliance with the current NASD and OTC requirements. Management of Vertical Computer Systems wants its shareholders and investors to realize that management is conscious of the importance of its OTClisting, and is taking all appropriate measures and steps towards moving forward and making Vertical Computer Systems a fully reporting company. Along with Vertical Computer Systems becoming a fully reporting company, BDO Seidman has been engaged by Externet World, Inc. and Vertical Computer Systems, Inc. to serve as their independent auditors as one of the first steps in the process of preparing Vertical to attempt to become a listed Company on the NASDAQ or American Stock Exchange".
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