MigraTEC Shareholders Elect Board of Directors and Approve Initiatives Designed to Propel Growth as Market Evolves
DALLAS--(BUSINESS WIRE)--June 23, 2000-- Actions Position Company to Capitalize On Anticipated Demand for Technology for Migrating Mission-Critical Applications to Intel Itanium Platform; MigraTEC Accepts IBM Invitation to Participate in Monterey Beta Program
Shareholders of MigraTEC, Inc. (OTCBB:MIGR), the leading provider of automated platform migration technology, met today in Dallas and approved several initiatives that position the company to capitalize on the anticipated market demand for technology that helps companies migrate mission-critical applications to Intel's new 64-bit Itanium(TM) processor architecture.
Curtis Overstreet, president and CEO of MigraTEC, also told shareholders that the company has accepted an invitation from IBM to participate in the beta program for IBM's upcoming operating system, code-named Monterey. MigraTEC has begun working with IBM's Monterey development team to adapt Migration Workbench technology to provide an automated path for migrating 32-bit applications to the 64-bit Monterey environment.
Overstreet said he anticipates that this is the first step in introducing MigraTEC's Migration Workbench technology to IBM's ISVs (Independent Software Vendors) and the UNIX marketplace.
MigraTEC's board of directors recommended passage of three major resolutions and the shareholders agreed, approving all measures: --
Re-incorporation as a Delaware corporation (previously, MigraTEC was a Florida corporation) --
Creation of a new class of preferred stock to give the company flexibility to attract strategic investment partners --
Adoption of a new long-term incentive plan to attract and retain high-quality employees.
Shareholders also elected five directors to one-year terms: Richard A. Gray, Jr.; Kevin C. Howe, chairman of the board; Drew R. Johnson; W. Curtis Overstreet, president and CEO; Deane C. Watson, Jr.
"We believe the action taken at today's annual meeting of MigraTEC shareholders positions the company for success in the coming year," said Kevin Howe, chairman of the board. "The board recommended these changes to enable the company to attract strategic investment partners that could help fuel anticipated growth as well as recruit and reward top-quality employees who can contribute to MigraTEC's strategy of delivering innovative migration technology to a rapidly evolving market."
MigraTEC's Migration Workbench(TM) software automates the platform migration or upgrade of C and C++ application software. MigraTEC's software solutions are marketed to leading-edge companies, such as systems integrators, e-commerce solutions providers, independent software vendors, hardware and operating systems OEMs, and other companies that need to migrate mission-critical application software from one platform or environment to another, including 32 to 64-bit platforms, from UNIX to Linux, from UNIX to UNIX, and from UNIX to Microsoft(R) Windows NT(R) and Windows 2000(TM).
Recapping First Half of 2000 "During the first half of 2000, MigraTEC has begun to realize the fruits of the last two and a half years of organizational change and product development," said Curtis Overstreet. "The company completed a three-phase financing with Mercury Ventures and Cardinal Investment Company, announced a strategic relationship with Intel, and signed an agreement with Dell to provide Migration Workbench technology and expertise to some of Dell's top-tier customers.
We launched the first phase of publicity and advertising campaigns to increase awareness of the company name and its expertise within selected target markets. "We've also initiated a significant market research project," Overstreet added. "This project is designed to quantify the market for software migration technology and identify the key enterprise requirements for migration expertise. Our findings will be the foundation for strategic planning and industry-wide communications about our migration technology expertise."
About MigraTEC, Inc. Based in Dallas, MigraTEC, Inc. develops and markets leading-edge software tools and technology solutions to its business partners and customers. MigraTEC tools save customers significant time and money by automating the migration and upgrading of C and C++ based application software. MigraTEC's technology supports Windows, UNIX, and Linux based 32 to 64-bit migrations, as well as cross-platform migrations to advanced operating systems. MigraTEC, Inc. is publicly traded on the OTC Bulletin Board under the symbol "MIGR." For more information, contact MigraTEC, Inc. at 11494 Luna Road, Suite 100, Dallas, Texas, 75234; telephone 972/969-0385; fax 972/969-0371; Web address www.migratec.com. The statements contained in this release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The Company's actual results may differ significantly from the results contained in the forward-looking statements. These risk factors are discussed in the Company's filings on Forms 8-K, 10-QSB and 10-KSB. MigraTEC is a registered trademark and Migration Workbench is a trademark of MigraTEC, Inc. Intel is a registered trademark and Itanium is a trademark of Intel Corporation. Other brands and marks are the property of their respective holders. MigraTEC INVESTOR CONTACT: MigraTEC, Inc. is a full-filing company, and investors are encouraged to visit the company's Web site at migratec.com for Investor Relations documents and contacts. --30--let/da* CONTACT: MigraTEC, Inc., Dallas All Media & Industry Analysts: Wendell Watson, 972/691-3936 wendell@prtek.com or Business Media: Virginia Cleveland, 214/673-1683 virginia@prtek.com Industry Analysts: Tim Tushla, 712/277-8288 tim@prtek.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire |
