OK, here's another byte.....
Love talk'n to myself.
Don't have enough money to run this long winner up myself (g)....
Company Press Release
Virtual Technology Closes on GTI Acquisition
Combined Companies Over $70 Million Proforma in Revenue for 1998
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 29, 1999--Virtual Technology Corp. (OTCBB:VTCO - news; virtual-world.com), an Internet E-commerce company, announced today it has closed on the planned acquisition of Herold Marketing Associates Inc., doing business as Graphics Technologies Inc. (''GTI''), a privately-held technology wholesaler also based in Minneapolis.
VTC acquired GTI's assets in a cash and stock transaction totaling $10.1 million. Additional details of the transaction were not disclosed. The combined companies represented an estimated $70 million in proforma combined revenues for the fiscal year ending Jan. 31, 1999.
''We are very excited about this transaction,'' said Kenneth Israel, chairman of VTC. ''This positions VTC as a leader in E-commerce with increased purchasing power and the potential to lower our costs while increasing our margins. The combined entities represent a significant increase in shareholder value and equity and allow us to set our sights on getting our company Nasdaq listed. These are major milestones for our company,'' Israel went on to say.
''This presents a great opportunity for all of the customers and employees of GTI. The benefits of adding E-commerce to our already successful wholesale business-to-business model just makes good sense. Our employees now will be able to participate in adding value to VTC's share price as well as sharing equity of a publicly held company. This is truly a win for everyone,'' said Kent Hjerpe, president of GTI.
About Graphics Technologies Inc.
GTI, a 12-year old company with seven offices nationally, specializes in high end premium computers and graphics products such as notebooks, scanners, graphics cards, monitors and other peripherals. With a customer base of over 1,000 corporations, GTI focuses on wholesale business-to-business sales and offers tailored purchase programs, solution-oriented sales, integration and configuration services and post-sales support.
|
