TouchStone Software Corp. Announces the Expiration of LOI With Phoenix Technologies Ltd.
Companies Unable to Reach Definitive Agreement Within Specified LOI Timeframe
NORTH ANDOVER, Mass.--(BUSINESS WIRE)--May 16, 2000--TouchStone Software Corp. (OTC BB: TSSW), a developer of innovative utility software, Tuesday announced expiration of the Letter of Intent (LOI) with Phoenix Technologies Ltd. (Nasdaq: PTEC) to acquire eSupport.com and certain assets of TouchStone and its subsidiary, Unicore Software Inc. The companies were unable to establish a definitive agreement within the timeframe specified in the LOI, and have ceased all discussions and negotiations related to this acquisition.
"While we were unable to reach mutually satisfactory terms in our negotiations with Phoenix Technologies, we intend to continue our business relationship with the company," said Pierre Narath, chairman, president and CEO of TouchStone Software. "We remain extremely confident in the value of our properties and will aggressively move forward with our two-pronged business focus."
TouchStone Software Corp., through its subsidiary eSupport.com Inc., is a leading developer of innovative software designed to help people use complex technologies. The company's products, which include WinCheckIt 6.5, CheckIt NetOptimizer, CardWare and FastMove2000!, are distributed worldwide through the retail, VAR, distributor, direct and OEM sales channels. Through strategic minority interests, TouchStone also manages a portfolio comprised of well-managed, late stage technology companies with market presence in e-commerce, content and community and enabling technologies. TouchStone's targeted strategic focus on unique and successful business models, creates both short-term growth potential for investors and long-term value for shareholders. TouchStone's corporate headquarters are located at 1538 Turnpike Street, North Andover, Mass. 01845 with a branch office in Europe located at Sonnenstrasse 26B, 85622 Feldkirchen, Germany. Additional information about TouchStone Software is available at www.touchstonesoftware.com.
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