Starbase Takes Action to Reduce Liabilities; Issues Common Stock to Satisfy Certain Liabilities
January 22, 2002 08:01:00 AM ET
SANTA ANA, Calif.--(BUSINESS WIRE)--Jan. 22, 2002--Starbase Corporation SBAS, the leading provider of end-to-end collaborative products for the development and management of code and content for enterprise and eBusiness applications, today announced the completion of a program designed to reduce certain liabilities by offering selected vendors Starbase common stock in lieu of cash payments.
The program, completed last week, resulted in the issuance of 5,637,138 shares of common stock for payment of approximately $2.5 million in loans, fees and/or expenses otherwise owed by the Company. A registration statement covering the resale of the common stock issued will be filed this week.
"In our effort to conserve cash and to strengthen our financial position, we have taken this opportunity to lower our existing liabilities through this program," stated Jim Harrer, president and COO of Starbase. "This action supports our current restructuring and rebuilding effort and enables us to continue focusing on our core businesses."
About Starbase
Starbase is the leading provider of end-to-end collaborative products for the development and management of integrated code and content for enterprise and eBusiness applications. Collaboration is the simultaneous coordination, management and communication of geographically dispersed contributors of both code and content for enterprise and eBusiness applications. With 3,500 Starbase customers worldwide, our technology supports the continuous cycle of creating, linking and managing digital assets, which comprise complex eBusiness applications. Starbase products enable users with differing technical and functional backgrounds to collaborate on the production and management of Web sites and eBusiness initiatives from multiple locations. Companies and organizations, including leading corporations such as Chase Bank, Dell Computer, Lucent Technologies, Motorola, PepsiCo and Seagate Technology have selected Starbase products to manage their eBusiness development projects. Deloitte & Touche named Starbase to the prestigious "2001 Orange County/San Diego Technology Fast 50" program, a ranking of the 50 fastest growing technology companies in the area. Starbase is headquartered at 4 Hutton Centre Drive, Suite 900, Santa Ana, CA 92707. Tel: 714/445-4400. Fax: 714/445-4404. Visit Starbase's Web site at www.starbase.com.
Starbase and its product names are trademarks of Starbase Corporation. All other product and company names herein are trademarks of their respective owners.
Forward Looking Statements
When used in the preceding discussion, the words "believes, expects, or intend to" and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the sales channel, and (vi) other risks described in Starbase Corporation's SEC reports and filings.
Contact Information:
Starbase Corporation
Martha Ray, 714/445-4531
Martha.Ray@starbase.com
or
Doug Norman, 714/445-4440
Doug.Norman@starbase.com |
