Thursday February 6 11:06 AM EDT
Intelligent Electronics Approves Stock Distribution of
XLConnect(TM) Common Stock to IE Shareholders
Conditioned Upon IRS Ruling
EXTON, Pa., Feb. 6 /PRNewswire/ -- Intelligent Electronics Inc announced today that its Board of
Directors has approved the distribution of 13,325,000 shares of Common Stock of
XLConnect(TM) Solutions, Inc. (Nasdaq: XLCT) in a spin-off to Intelligent Electronics
shareholders. The distribution is conditioned on the receipt of an IRS ruling as to its tax-free nature
and customary regulatory and contractual approvals and consents. The request for the ruling was
filed on Wednesday, February 5, 1997. If conditions are met, it is anticipated the distribution will
occur by the end of the summer.
For Intelligent Electronics shareholders, it means that owners of INEL stock will receive
XLConnect stock if the spin-off is completed. For XLConnect, the spin-off and stock distribution
mean XLConnect will be independently owned.
XLConnect is an information technology services provider offering total connectivity solutions to
large and medium-sized organizations. XLConnect's applications development, internetworking,
telecommunications and managed services enable its clients to increase productivity and enhance
competitiveness by improving the flow of information among employees, clients and suppliers.
XLConnect delivers its solutions through an engineering and technical staff of more than 1,000
professionals deployed nationwide.
Intelligent Electronics is a leader in providing information technology products, services, and
solutions to a broad spectrum of customers including large companies, governmental agencies, small
and home offices, educational institutions and others using technology to create efficiency. Intelligent
Electronics specializes in delivering access to tomorrow's technology today. SOURCE Intelligent
Electronics, Inc. |
