Modem sale completed. Onward and upward with OWLD
Global Village Completes Sale of Modem Business to Boca Research; Changes Name to OneWorld
Systems Inc. and NASDAQ Symbol to OWLD
BusinessWire, Thursday, June 18, 1998 at 16:49
SUNNYVALE, Calif.--(BUSINESS WIRE)--June 18, 1998--OneWorld
Systems Inc., formerly known as Global Village Communication Inc.
(NASDAQ:GVIL) announced today that it has completed the sale of its
modem business to Boca Research (NASDAQ:BOCI) for $10 million in cash
and notes.
On June 8, 1998, a special Global Village shareholder's meeting
was held where the sale of the modem business was approved and
shareholders authorized the change of the company's legal name to
OneWorld Systems Inc. Effective immediately, Global Village
Communication Inc. will be known as OneWorld Systems Inc. and its
shares will trade on NASDAQ under the symbol OWLD. Each share of
Global Village stock now represents a share of OneWorld Systems Inc.
stock.
"Our shareholders overwhelmingly supported our decision to sell
the modem business and focus the company on communications servers for
small and medium businesses," said Neil Selvin, president and chief
executive officer, OneWorld Systems Inc. "With this transaction
completed, we can focus 100% of our efforts on the new OneWorld 5000
communication server products introduced on June 8th and continue to
build our VAR channel," said Selvin.
GVIL Shares Begin Trading as OWLD on NASDAQ
Effective immediately, the Global Village (GVIL) NASDAQ ticker
symbol has been changed to OWLD to reflect the new OneWorld Systems
company name. Shareholders do not need to take any specific action as
their shares in GVIL now represent shares in OWLD. For example, if
shares are held in a brokerage account, this name change will be
reflected on shareholder statements. If shareholders hold paper
certificates, these GVIL certificates now represent OWLD certificates.
Further questions about this matter should be directed in an email to
investor_relations@oneworldsystems.com.
Company Prepares for Product Shipment
Introduced last week, the OneWorld 5000 family of communications
servers combine Internet access and routing, remote access, online
service access, and fax capabilities in integrated, versatile and
expandable products. Designed for the small and medium size office,
OneWorld 5000 communications servers are easy-to-use, can be expanded
as an office grows, integrate multiple communication functions that
can all be managed with a single, graphical administration software
application, and lower phone costs by dynamically sharing phone lines
among multiple data communications uses.
Initial market reaction to the product has been positive: The
OneWorld 5000 family "is not smoke and mirrors," said Ray Boggs,
director, Small Business and Home Office Markets at IDC/LINK, a market
research firm. "If you compare this to buying all this equipment a la
carte, this is much less expensive," Boggs said. (source: Network
World, June 8, 1998)
Customers are currently beta testing the OneWorld 5000 family and
the company is preparing to ship the products in July.
Experienced Management Team
The executive team of Global Village continues to lead OneWorld
Systems as it refocuses on the small and medium size office market.
The management team consists of Neil Selvin, President and Chief
Executive Officer; Charlie Oppenheimer, Chief Operating Officer; Marc
Linden, Senior Vice President and Chief Financial Officer; and, Marsha
Raulston, Vice President of Human Resources and Customer Satisfaction.
"I'm pleased to be working with a very seasoned management group,
innovative engineering team and experienced sales team," said Neil
Selvin. "Collectively, we are focused on developing outstanding
products and providing excellent service and support to our channel
partners and customers," Selvin added.
About OneWorld Systems
OneWorld Systems Inc. develops and manufactures products that
enhance and simplify wide-area data communications for the small and
medium size office market. OneWorld 5000 Communications Servers
combine Internet access, remote access, fax and network modem
technologies into a single product and are designed to be versatile,
easy to use, cost-effective and expandable as small offices grow.
Formerly known as Global Village Communication Inc., the
company's stock is traded under the NASDAQ ticker symbol OWLD. For
more information, visit the company's website at
www.oneworldsystems.com, or call toll-free in North America at
877/697-2677.
CONTACT: OneWorld Systems Inc.
Heidi Palmer, 408/523-2204
heidi_palmer@oneworldsystems.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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Copyright 1998, Business Wire
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:GVIL
Global Village Commun
NASDAQ:BOCI
Boca Research
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