MEHO news:
Monday March 27, 6:00 am Eastern Time
Company Press Release
SOURCE: Meridian Holdings, Inc.
Meridian Holdings, Inc. to Acquire 55% of Osprey Data Systems, Inc.
LOS ANGELES, March 27 /PRNewswire/ -- Meridian Holdings, Inc. (OTC Bulletin Board: MEHO - news), today announced the execution of a letter of intent in anticipation of a formal
agreement, whereby Meridian will acquire 55% of Osprey Data Systems Corp (San Clemente), a developer of IT hardware and firmware. According to the terms of the contemplated agreement, Meridian will provide funding to be used for product development and the market launch of Osprey
intelligent information management systems.
Also, under the terms of the agreement, Osprey Data Systems will become a subsidiary of Meridian Holdings, Inc.
A definitive agreement will be executed within 60 days, subject to due diligence review and approval by the board of directors of both companies.
``We are enthusiastic about Meridian's majority interest in Osprey, which has an impressive array of talent in computer architecture and network technology to address the issues associated with growing use of the Internet for business and electronic information management. Osprey is an excellent fit for Meridian's strategic marketing direction,' said Anthony C. Dike, MD, Meridian's chief executive officer.
About Osprey Data Systems Corp.
Founded in 1994, Osprey Data Systems has created hardware and software modules and an information management system that provides enhanced performance, ease-of-use, scalability and multilevel security, at lower prices than equivalent systems implemented with standard components. Osprey's Net-Gain 2000, for 5-100 users, is designed to improve real-time system performance and to minimize problems associated with entry-level usage, as well as a larger number of networked users in operating system environments such as NT, LINUX, or higher performance systems such as
Sun's Solaris.
About Meridian Holdings, Inc.
Meridian Holdings, Inc. is an acquisition-oriented holding company focused on building, operating and managing a portfolio of business-to-business companies. Meridian seeks to acquire majority or controlling interests in companies engaged in e-commerce, e-communication, and e-business
services, which will allow the holding company to actively participate in management, operations and finances.
Meridian's network of affiliated companies is designed to encourage maximum leverage of information technology, operational excellence, industry expertise and synergistic business opportunity. Meridian is committed to building shareholder value by positioning affiliated companies
as independent business entities in which Meridian shareholders enjoy equity participation. Visit
Meridian's web site at www.meho.com.
NOTE: Statements contained in this release that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange of 1934 and are made subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such
forward-looking statements, including but not limited to statements about expected future events
and/or financial results, invoke risk and uncertainties and that actual future events and/or the
company's actual results may differ materially from such forward-looking statements. Such risks and
uncertainties include but are not limited to the company's ability to develop new business in the area
of managed care, its ability to attract and retain key personnel, its ability to finance its plans for
growth, general economic conditions and other factors discussed in such forward-looking statements
and/or the company's periodic filings with the Securities and Exchange Commission.
SOURCE: Meridian Holdings, Inc. |
