Sara Hallitex Corp. Increases Asset Base by $36 Million Plus Distributes an Additional $14 Million Dividend on Spinout of SolutionNet
MARINA DEL REY, Calif.--(BUSINESS WIRE)--April 8, 1999--Garrett K. Krause, president and chief executive officer of SaraOnline.com, an Internet-focus subsidiary of venture banking firm Sara Hallitex Corp. (OTC/BB:SHAL), Thursday announced that the public launch of SolutionNet has exceeded expectations and increased its total market value to shareholders by more than $50 million.
With the market response to SolutionNet (OTC/BB:SLNN), Thursday's close at $14.85 per share, the company has increased its assets by $36 million, or $3.90 value for each Sara Hallitex share.
In addition, the company's shareholders as of Jan. 31, 1999 will receive a stock dividend valued at $14 million through the Sara-IPO-Dividend program.
Krause commented: ''Overall, our shareholders have received approximately $33 million or $3.60 per share worth of public trading stock dividend since the inception of our Sara-IPO-Dividend program. This is exciting, considering we still have to open X-SELNET and Tril-MediaNet.com in the short term.''
SolutionNet is the developer of E-NET-Internet Banking, using its proprietary Internet gateway technology. This specialized online banking software was launched in February in Singapore and drew worldwide media coverage. E-NET-Internet Banking is the first of three global Internet software solutions to be released in 1999.
SolutionNet is a development partner of Oracle Corp. (Nasdaq:ORCL - news) and Sun Microsystems (Nasdaq:SUNW - news), and an international development partner and OEM solution provider of IBM (NYSE:IBM - news) and Microsoft (Nasdaq:MSFT - news), respectively.
SolutionNet has already attracted a solid base of worldwide premier clients, which include:
Citibank N.A. Sun Microsystems Johnson & Johnson
Compaq Asia ABN AMRO Bank Commerz Bank
Siemens Components Deutsche Bank Credit Suisse
Sara Hallitex is a public venture banking firm dedicated to acquiring and investing in companies, new technologies or projects that, when fully developed, will be ''spun off'' as Nasdaq publicly traded companies, providing appreciable long-term portfolio enhancement for their shareholders.
Sara Hallitex holds substantial equity portfolios in Janus International Inc. (OTC/BB:JNUS), SolutionNet International Inc. and forthcoming SaraIPO's, X-SELNET Technology Group Inc. and Tril-MediaNet.com.
For more on SaraOnline.com and Sara Hallitex, look to the company's World Wide Web page at www.saraonline.com or www.sarahallitex.com.
Statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the company's services, increased levels of competition and dependence on the performance of the management of the company.
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