this is an interesting development...first this came out after the close:
Datamarine International Inc. Signs Stand-Still Agreement and Continues Negotiations With
Two Potential Acquirers
MOUNTLAKE TERRACE, Wash., July 25 /PRNewswire/ -- David Thompson, President,
Datamarine International Inc. (OTC Bulletin Board: DMAR - news) announced today that it is in
continuing negotiations with two potential acquirers. Datamarine International, Inc. has entered
into a stand-still agreement (``Agreement'') with one of those parties (that permits continued
negotiations with the second potential acquirer). While subject to several conditions precedent,
the Agreement contains terms that, if consummated, would ultimately result in an acquisition of
a controlling interest in Datamarine International, Inc. While it may be extended, the Agreement
expires on September 11, 2000
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements
which are not historical in nature are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This press release contains forward-looking statements relating to future events or the
Company's future financial performance that involves risk and uncertainties. These
forward-looking statements are only predictions and are not guarantees of future performance.
All forward-looking statements included in this document are based on information available to
the Company on the date hereof, and the Company assumes no obligation to update any such
forward-looking statements. Other potential risks are those identified in the Company's SEC
filings.
CONTACT: David C. Thompson of Datamarine International Inc., 425-771-2182.
along with this also after the close:
Datamarine International, Inc. and Alta Subordinated Debt Partners III Reach Agreement on
Debentures
MOUNTLAKE TERRACE, Wash., July 25 /PRNewswire/ -- Datamarine International Inc. (OTC
Bulletin Board: DMAR - news; the ``Company'') announced that it had reached an agreement
with Alta Subordinated Debt Partners III (``Alta'') regarding the due date of the Company's
Subordinated Convertible Debentures (the ``Debentures'').
Under terms of the agreement, Alta agreed to discontinue its suit against the Company in
exchange for the Company agreeing not to challenge either the full amount due or the
Debenture due date of December 19, 2000. The agreement also grants Alta a security interest
in the Company's assets. The agreement gives the Company or its designee the option to
redeem the Debentures at a discount by September 30, 2000.
Alta claimed in November 1997 that an event of default had occurred in September 1997 and
that the Debentures were immediately due and payable. Alta filed suit in February 1999 seeking
damages in the amount of $2,827,863 plus interest and reasonable attorneys' fees and costs.
Discovery had commenced and the matter was scheduled for a trial date of June 19, 2000.
David Thompson, Datamarine's President, stated, ``We are satisfied that this dispute could be
resolved without a trial. We still need to redeem the Debentures and raise new equity to move
the Company forward. It has impeded the progress of the Company to have expended a
substantial amount of time and money dealing with this matter.''
here is a little info about dmar from their 10-k:
Datamarine International, Inc. and its subsidiaries ("we" or the "Company")
manufacture radio communications and navigation instrumentation products.
Presently, the Company's primary operations are in a single industry
segment, namely electronics. The Company also owns and manages specialized
mobile radio ("SMR") licenses in the 220 MHz radio service, although
revenues from such operations to date have been immaterial
Datamarine International, Inc. was incorporated in Massachusetts on April
23, 1969. All of the Company's product development and manufacturing
facilities are at its Mountlake Terrace, Washington location. The Company
has sales and service facilities on the East and West coasts of the United
States and in Chatswood, NSW, Australia. Marine communication products,
branded SEA, and marine instrumentation products, branded Datamarine, are
sold worldwide through approximately 500 dealers in the United States and
approximately 20 foreign countries.
Sales of narrowband communications products for the land mobile radio market
are made through the Company's wholly-owned subsidiary, SEA, Inc. ("SEA"),
to business users nationwide. SEA has developed and marketed narrowband
radio equipment since 1984 and began selling its current line of narrowband
equipment for use in the 220 MHz band in 1993
Products and Marketing
Land Mobile Communications - The Company's narrowband land mobile radio
system products have been type accepted by the FCC for use in the 220 MHz
radio service. These products consist of hand held, mobile and base station
components, utilizing the narrowband technology, an enhanced form of single
sideband that is ideal for the 5 KHz channel width used in the 220 MHz radio
service, and were developed for sale to business users of private land
mobile radio services. The narrowband technology helps solve the problem of
frequency congestion by allowing five narrowband channels to be operated
within the same spectrum as would presently be utilized by one 25 KHz FM
channel.
Marine Communications - The SEA marine communications products are high
performance radios used on commercial vessels, fishing vessels and ocean-
going yachts. The product line currently consists of 28 products with
suggested list prices between $765 and $40,000. The SEA products include
HF/SSB and VHF/FM radios, Satcom C, Weather fax, Emergency distress radio
beacons (EPIRBS), Search and rescue transponders (SARTS) and Global Maritime
Distress and Safety Systems (GMDSS).
Marine Instrumentation - Marine instrumentation products are sold primarily
to the recreational boating market. The products are well established in
the marketplace with up-to-date instruments for each type of pleasure craft:
small boats and yachts; sail and power; inshore and offshore. The Datamarine
product line currently consists of 28 products sold under the DART, LINK,
Corinthian and ChartLINK names, with suggested list prices between $400 and
$6,000. The Datamarine products include depth sounders, knotmeters and water
temperature instruments, wind speed and direction instruments, integrated
instruments, and electronic chart plotters.
dmar trades in the .68/.75 range...and there are 1.7m shares outstanding...52wh is 3 5/8 and
52wl is .50.
this could get interesting..gpg |
