Tim, just so you know, that came across the wires on 8/21.
WAYNE, Pa., Aug. 21 /PRNewswire/ -- Safeguard Scientifics, Inc. (NYSE:SFE), the New York Stock Exchange listed strategic information systems company, and OAO Technology Solutions, Inc. jointly announced today that OAO has filed a registration statement with the Securities and Exchange Commission for a rights offering to Safeguard's shareholders of approximately 6,400,000 shares of OAO common stock.
Safeguard and OAO anticipate that the rights will have an exercise price of $5.00 per share and that the rights offering will commence in the fourth quarter 1997. Safeguard shareholders will receive rights, exercisable for approximately 35 days after issuance, to purchase one share of OAO common stock for every five shares of Safeguard common stock owned. There will be a minimum exercise requirement of 20 rights. The offering will be made only by means of a prospectus, subject to the effectiveness of the registration statement.
OAO provides a wide range of outsourced information technology solutions and professional services, including the operation of large-scale data center complexes and networks, distributed systems management, staffing services and other IT services. OAO provides these solutions and services, generally on a long-term, fixed-price contractual basis, to strategic clients which are global providers of IT outsourcing services. OAO works with these strategic clients, accepting delivery responsibility for specific functional roles within the outsourcing engagements. OAO's primary strategic clients have been IBM's Global Services and Digital Equipment Corporation. OAO is also working towards establishing a strategic client relationship with Perot Systems Corp. Representative engagement clients currently include Ameritech, Campbell Soup, Citibank, McDonnell Douglas, PECO Energy and Ryder Systems Corp. OAO's revenues have expanded at a compound annual growth rate of 60.5% from $22.5 million in 1994 to $57.9 million in 1996. |
