MVSI put out more news this morning as follows:
Wednesday September 3 9:32 AM EDT
Company Press Release
Source: MVSI, Inc.
MVSI, Inc. Completes Acquisition of Technet for Year 2000 Conversion
Work
VIENNA, Va., Sept. 3 /PRNewswire/ -- MVSI, Inc. (Nasdaq:MVSI), a Washington, D.C. area broad-based
technology products and services company, announced today that it has completed the acquisition of Technet
Computer Services, Inc. (``Technet''), as a wholly owned subsidiary. Technet is a Virginia based computer
software development company specializing in software solutions for corporate clients to include implementing
solutions for the Year 2000 computer problem.
Technet currently has full-time dedicated software engineers and facilities in Virginia, New Jersey, and India.
The facilities are linked through a satellite communications system dedicated to the real-time support of
Technet's software engineering and development projects for the cosmetics, health, banking, transportation,
insurance and food industries. Technet has over 500 full-time and contract software professionals available to
work on software development projects, including the Year 2000 problem. Technet believes that it is well
positioned to cope with the anticipated demand for Year 2000 solution services and other software projects over
the next few years.
Edward Ratkovich, Chairman, CEO and President stated, ``We are pleased to welcome Technet to the MVSI
technology family. The acquisition of Technet is another strategic step in supporting MVSI's plans of
establishing itself as a successful player in the laser vision, technology training, systems integration and software
engineering marketplaces. In this regard, Technet Year 2000 solution offices are planned to be opened for
business in MVSI's (Socrates) sales facilities now operating in Maryland, Philadelphia, New York, Chicago and
Los Angeles.'' Based on Technet's current and anticipated business, MVSI estimates that Technet will add at
least 20 cents per share to MVSI's pre-tax earnings next year.
MVSI exchanged 400,000 shares of MVSI common stock, less than 4% of its current outstanding shares, for all
the shares of common stock held by Technet's stockholder. The newly issued MVSI shares in the acquisition are
restricted and may not be sold for at least one year from the date of issuance.
MVSI manufactures and integrates machine vision systems for the robotics, semiconductor and other industries,
integrates and markets name brand proprietary and generic high-end computer system products and support
services, provides technology training and performs computer software engineering and development for
systems applications.
In addition to its existing broad-based current technology business and operations, MVSI intends to continue to
expand its business and operations through the merger with, or acquisition of, complementary companies in the
United States and, possibly, abroad.
Except for the historical information herein, certain matters discussed in this release include forward-looking
statements that may involve a number of risks and uncertainties, which projections and statements are made
pursuant to the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Actual risks
may vary significantly based on a number of factors, including, but not limited to: risks in products and
technology development; market acceptance of new products; continuing product demand; the impact of
competitive pricing; and the company's relations with its customers.
For additional public information on MVSI, Inc., please contact the company at its principal executive offices at
8133 Leesburg Pike, Suite 750, Vienna, Virginia 22182, telephone 703-356-5353 and 703-356-5354 facsimile.
MVSI, Inc.'s Web site is located at www.mvsiinc.com.
SOURCE: MVSI, Inc.
More news for referenced ticker symbols: MVSI, and related industries: computer.
Regards,
Ben |
