Tuesday September 2 8:30 AM EDT
Company Press Release
Source: Apple Computer, Inc.
Apple to Acquire Power Computing for $100M
CUPERTINO, Calif. Sept. 2 /PRNewswire/ -- Apple Computer, Inc. (Nasdaq:AAPL) announced today that it will acquire Power Computing Corporation's core assets in a deal valued at $100 million in Apple common stock. Included in the key assets Apple will acquire are the right to retain key employees with expertise in direct marketing, distribution, and engineering; Power Computing's customer database; and the license to distribute the Mac OS operating system.
``Power Computing has pioneered direct marketing and sales in the Macintosh market, successfully building a $400M business,'' said Steve Jobs, Apple Board member. ``We look forward to learning from their experience, and welcoming their customers back into the Apple family.''
``Power Computing is grateful for the tremendous support and encouragement we have received from the entire Macintosh community,'' said Stephen Kahng, Power Computing founder and CEO. ``We believe that in our small way, we have helped to make the Macintosh stronger, and that the spirit of Power will live on.''
Power Computing will retain the Power Computing name and has stated it will sell Mac OS compatible computers through Dec. 31, 1997. Apple will provide ongoing Mac OS support to Power Computing customers and Power Computing will continue to provide hardware and warranty service to its customers.
Apple, the Apple logo, Macintosh, and Mac OS are registered trademarks of Apple Computer, Inc. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.
SOURCE: Apple Computer, Inc. |
