Friday May 5, 1:26 pm Eastern Time
Company Press Release
ATEC Group Signs Letter of Intent to be Acquired by Applied Digital Solutions
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 5, 2000--ATEC Group, Inc. (NASDAQ: ATEC - news), a major system integrator and provider of a full line of information technology products and services, announced today that it has signed a letter of intent to be acquired by Applied Digital Solutions, Inc. (NASDAQ: ADSX - news), in an all-stock transaction.
ADSX is the parent company of IntelleSale.com, Inc. This letter of intent supersedes the prior proposal, announced on April 12, 2000, for the merger of IntelleSale.com and ATEC Group.
Under the terms of the letter of intent, ADSX would acquire all outstanding shares of ATEC Group common stock, payable in shares of ADSX common stock, at a rate of 1.25 shares of ADSX common stock for each share of ATEC Group common stock.
ADSX is expected to retain key ATEC Group management. The transaction, subject to various terms and conditions, including approval by ATEC Group shareholders, is expected to close in July 2000.
About Applied Digital Solutions, Inc.
Applied Digital Solutions is a leading edge, single-source provider of e-business solutions. The company differentiates itself in the marketplace by enabling e-business through Computer Telephony Internet Integration (CTII(TM)). With its five-year revenue growth (from 1994 to 1998), Applied Digital Solutions was ranked as the fifth fastest-growing technology company by Deloitte & Touche in its 1999 Technology Fast 500 listing. For more information, visit the company's web site at www.adsx.com.
About ATEC Group, Inc.
Based in Hauppauge, New York, ATEC Group, Inc., is a leading system integrator and provider of a full line of information technology products and services. As a one-stop company for the computer needs of businesses, government agencies and educational institutions, ATEC Group offers computer hardware and software, system integration networking, graphic arts, Internet and Intranet. The company is positioned for growth through its capabilities as a PC manufacturer of Nexar technology, in software development and e-commerce. For more information, visit the company's web site at www.atecgroup.com.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements involve risks and uncertainties, and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
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Contact:
Porter, LeVay & Rose, Inc.
Lori Parks, VP
Sean Leous, VP-Media
Sari Ellen Clement, Investor Relations
212/564-4700
or
ATEC Group
Jim Charles, CFO
631/231-2832 |
