M&A West Inc. Provides Update on Workfire Network's Acquisition by Packeteer Inc.; Company
Expects Significant Additional Income In Current Fiscal Year
SAN BRUNO, Calif.--(BUSINESS WIRE)--Aug. 21, 2000--Technology holding company M&A West Inc. (OTCBB: MAWI) announced today an
update on its portfolio company, Workfire Networks Inc.'s ("Workfire") acquisition by Packeteer Inc. (Nasdaq:PKTR).
Workfire Networks Inc. is a developer of award-winning software for accelerating the performance of business-critical Web applications and
content over the Internet, intranets and extranets.
Packeteer is a leading provider of Internet application infrastructure systems.
Under the terms of the agreement, Packeteer will exchange 2,000,000 shares of Packeteer common stock for all of Workfire's outstanding
common stock and options.
M&A West Inc. owns approximately 375,000 shares of Workfire, which will convert to approximately 45,000 shares of Packateer, based on
consent documents sent to the company last week.
Based on Packateer's closing price on Friday of $47.48, the company stands to gain approximately $2.1 million or $.19 a share. The final gain
would be based on the price of Packateer at the time of sale.
Scott Kelly, chairman and CEO of M&A West commented, "We are thrilled by this development as it again proves our ability to take advantage
of opportunities like Workfire early and reach a 'liquidity event' in a short period of time."
About M&A West Inc.
M&A West Inc. has four primary business objectives. The first is to be a leader in the acquisition and development of Internet and technology
companies. The second is to provide seed capital to newly emerging technology companies. The third is to provide a full line of business
services to emerging micro-cap companies to increase awareness of their business. The fourth is to create and grow offshoot Internet-related
companies under the M&A West Inc. umbrella.
Other companies in this space include Internet Capital Group Inc. (Nasdaq:ICGE), CMGI Inc. (Nasdaq:CMGI) and Divine InterVentures Inc.
(Nasdaq:DVIN).
M&A West Inc.'s portfolio of investments includes:
EBusiness solutions company Digital Bridge Inc. (OTCBB:DGBI) (www.digitalbridge.com), online financial services firm VLDC Technologies
(OTC:PCLO) (www.pcloans.com), music entertainment company Ronlan Entertainment (www.ronlan.com), Workfire Networks Inc.
(www.workfire.com), venture capital portal VentureList.com (www.venturelist.com), Internet service provider Sierra-Net, electronic
communications network eCapX.com (www.ecapx.com), stock research engine InvstorPackages.com (www.investorpackages.com) and
computer security services provider InvincibleNet.com (www.invinciblenet.com).
Recent news releases and additional information about M&A West Inc. may be found on the company's home page at www.mawest.com.
Statements regarding financial matters 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
Securities Litigation improvement Act of 1995. The company intends that such statements about the company's future expectations, including
future revenues and earnings and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements
(future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may
differ materially from expected results.
CONTACT: M&A West Inc.
Scott Kelly, 650/588-2678 (CEO)
Rick West, 650/827-7308 (Public Relations)
Rick@mawest.com |
