IPO spin off announced today:
biz.yahoo.com
DKA
Applied Cellular Technology's Board Of Directors
Approves Initial Public Offering Of Inteletek
PALM BEACH, Fla., Feb. 3 /PRNewswire/ -- Applied Cellular Technology, Inc. (Nasdaq: ACTC - news) announced today that its Board of
Directors has approved the restructuring of Applied Cellular Technology, including the spin-off of Inteletek, Inc., its computer group, in an initial
public offering, subject to market conditions. The Company is currently interviewing banking firms who would provide advice and assistance. It is
the Company's intent to maintain majority ownership in Inteletek, Inc. for the foreseeable future.
Applied Cellular's Chairman & CEO, Richard J. Sullivan, commented, ''Inteletek has grown profitably over the last two years, with annual
revenues increasing from $20 million in 1996 to approximately $65 million last year. Moreover, it has evolved into a company that now provides
its more than 70,000 customers with a complete range of computer systems, hardware peripherals, software services, technical support and
networking services. The launch of Inteletek's website in January, www.intelesale.com, demonstrates that it is ready to exploit the full potential of
the Internet to expand its customer base and brand name recognition worldwide. In its first day of Web presence, www.intelesale.com had
155,000 visitors and over 2,700 new customers. |
