FORECROSS CORPORATION AMENDS STOCK OPTIONS
SAN FRANCISCO, April 7 /CNW/ - Forecross(R) Corporation (VSE-FRX.U), a
leading legacy migration and year 2000 solution company, announced today that
the Board of Directors has resolved to amend the exercise price of certain
outstanding incentive stock options granted to employees of Forecross on
August 22, 1997, and on September 29, 1997, by reducing the exercise price per
share from US$15.35 or US$19.00, as the case may be, to an exercise at
US$11.15 per share (representing the average closing price for the 10 days
preceding the date of the amendment as reported in the Vancouver Stock
Exchange).
The purpose of the amendment is to ensure that incentive stock options
continue to attract and retain the most qualified employees for Forecross in a
competitive labor market. The amended stock options are subject to the
approval of the Vancouver Stock Exchange.
Founded in 1982 as a high-technology software development laboratory,
Forecross Corporation is dedicated to the design and development of innovative
conversion software. Clients have included such leading corporations as IBM
Corporation, Aetna Life Insurance Company, Brown Brothers Harriman & Company,
Charles Schwab & Co., BDM Technologies, Inc., and Bank of America NTSA for its
migration software services. Teaming partners include TRW, Inc. (BDM
International), CIBER, Inc., NCR Corporation, SCB Computer Technology, Inc.,
and Electronic Data Systems Corporation (EDS) for its Complete/2000(TM)
offerings.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release, which has
been prepared by the Company.
Forecross is a registered trademark of the Forecross Corporation.
-0- 04/07/98
For further information: Patricia A. Jones, (415) 543-1515, Fax (415) 543-6701, Patricia-Jones@forecross.com, forecross.com |
