Shiva Distributes Proxy Materials for Intel Acquisition; Restates for In-Process Research and Development Charge
BEDFORD, Mass., Jan. 21 /PRNewswire/ -- Shiva Corporation (Nasdaq: SHVA) announced today that the Securities and Exchange Commission ("SEC") has cleared Shiva's proxy materials for the acquisition of Shiva Corporation by Intel Corporation. The Company intends to mail the proxy materials on Friday, January 22, 1999 and begin solicitation of proxies for its Special Meeting of Stockholders to be held on Friday, February 26, 1999. The Company requests that stockholders return their properly completed, signed, and dated proxies prior to the February 26, 1999 meeting date. The Company has retained the services of Morrow & Co., Inc. in connection with its proxy solicitation. Any questions regarding the proxy materials or voting process can be directed to Morrow at 1-800-662-5200. The Company will file the definitive proxy statement on Friday, January 22, 1999. The proxy can be accessed via the SEC EDGAR website at www.sec.gov.
The Company also announced, in response to the review of its proxy materials by the SEC, the charge for in-process research and development ("IPRD") recorded in the first fiscal quarter of 1998 in connection with its acquisition of Isolation Systems Limited has been reduced from $34.5 million to $2.1 million. The $32.4 million change has been added to goodwill and is being amortized over a three year period. The Company is complying with recent guidance released by the SEC to revise its current method of calculating IPRD write-offs. The IPRD write-off taken in the first fiscal quarter of 1998 conformed to established industry practice at that time. The Company believes these changes are similar to those made recently by a number of public companies in the technology industry with regard to acquisitions and IPRD. These changes are reflected in the Company's Form 10-Q/A (Amendment to Form 10-Q) for the quarters ended April 4, July 4, and October 3, 1998 that have been filed with the SEC and are incorporated by reference in the proxy statement.
SHIVA CONNECTS
Shiva Corporation (Nasdaq: SHVA) is a leading, global provider of remote access for business. Shiva connects employees, customers and partners securely and reliably to business networks with integrated telephone network and Internet-based solutions. Its products, known for their ease of use, are inexpensive to operate, easy to manage and have the right features. The company was founded in 1985, and is based in Bedford, Mass., with offices worldwide. (www.shiva.com)
Shiva, Shiva with design (the company logo), NetModem, NetModem/E, NetBridge, NetSerial, TeleBridge, Hublet, LanRover, LanRover Access Switch, AirSoft, ShivaPPP, ShivaIntegrator, ShivaPort, Shiva AccessPort, PowerBurst, PowerSurf, WebRover, ISSAK and EtherGate are registered trademarks of Shiva Corporation. Shiva Connects, VantagePath, ShivOS, Tariff Management, ShivaRemote, Shiva Dial-In SDK, Remote-Centric and DIAT are trademarks of Shiva Corporation. All other trademarks belong to their respective companies. |
