I think the management of this company should join a circus.
PITTSFORD, N.Y.--(BUSINESS WIRE)--May 6, 1997--MOSCOM Corporation
(NASDAQ National Market:MSCM) today reported that it has withdrawn
the initial public offering of its subsidiary, Votan Corporation.
That decision follows indications from H. J. Meyers & Co., Inc.,
underwriter of the offering, that it could not be successfully
completed.
MOSCOM will now substantially reduce the operations of Votan in
Pleasanton, California and consolidate the remainder into MOSCOM's
operations in Pittsford, New York. As a result, MOSCOM's operating
expense will be reduced by approximately $2 million per year or
approximately $.28 per share. MOSCOM will continue to market
products utilizing Votan technology, including TeleVoice, the voice
activated information system; MVM for Windows, the voice-activated
voice mail system; and the Model 2400 board, which is platform for
voice recognition and voice verification technology.
Albert J. Montevecchio, CEO, stated that, "This action will
enable MOSCOM to focus on our profitable core business."
MOSCOM Corporation is engaged in the design, production and
servicing of telecommunications management, billing systems and voice
processing products for users and providers of telecommunications
services in the global market.
The forward looking statements contained in this release are
estimates by the Company's management of future performance and are
subject to a variety of risks and uncertainties that could cause
actual results to differ materially from management's current
expectations.
CONTACT:
MOSCOM Corporation
Robert L. Boxer, 716/383-6803
MOSCOM Web Site: www.moscom.com
or
The Equity Group Inc.
Linda Latman, 212/836-9609 |
