(BSNS WIRE) Boca Research Announces Closing of $8.0 Million Infomatec In
Boca Research Announces Closing of $8.0 Million Infomatec Investment and
Rescheduling of Annual Meeting of Stockholders
Business Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--June 1, 1999--Boca Research,
Inc.(R) (Nasdaq:BOCI) and Infomatec Integrated Information Services
AG, a German Internet software company, today announced the closing of
Infomatec's purchase of 1,747,965 newly issued shares, or
approximately 19.9% of the currently outstanding Boca Research common
stock, at a purchase price of $4.58 per share. The total cash
investment was approximately $8.0 million. These shares will be held
by a Delaware-based subsidiary of Infomatec, known as Infomatec AG
International, Inc. Infomatec's agreement to grant stock options to
the existing management of Boca Research to purchase from Infomatec up
to 270,000 of the shares of Boca Research common stock, acquired by
Infomatec at a purchase price of $4.58 per share, remains subject to
approval of the shareholders of Boca Research.
Additionally, Boca Research today announced that the annual
meeting of shareholders of Boca Research, scheduled to take place on
Friday, June 4, 1999, at 9:00 a.m. at the Embassy Suites Hotel,
661 Northwest 53rd Street, Boca Raton, Florida, will be postponed and
rescheduled for Monday, August 16, 1999, at the same time and
location. The Board of Directors has rescheduled the annual meeting of
shareholders in light of the closing of the Infomatec investment
referenced above.
Under the terms of the agreement with Infomatec, Boca Research
will be amending its proxy to include certain designees of Infomatec
for election to the Board of Directors, as well as certain designees
of Boca Research set forth in the earlier proxy statement. The Board
of Directors has established the close of business on June 30, 1999 as
the new record date for the determination of shareholders entitled to
notice of and to vote at the annual meeting. Boca Research expects to
furnish its amended proxy statement to shareholders as of the record
date on or before July 5, 1999. The matters contained in the amended
proxy statement to be delivered to shareholders including the election
of directors and the grant of options to existing management will be
considered at the August 16, 1999 annual meeting along with such other
business as may properly come before the meeting.
Portions of this news release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements
involved risks and uncertainties. Specifically, the grant of options
to existing management is subject to shareholder approval and
distribution of the amended proxy statement is subject to review by
the Securities and Exchange Commission. Such risks and uncertainties
could cause actual results to differ materially from those in the
forward-looking statements included in this release.
About Infomatec AG
Infomatec AG, located in Augsburg, Germany is one of the leading
producers of high-end, innovative e-commerce systems. A licensed
partner of SAP, the Company's applications include the multimedia
database Inter@rchiv, the CoreCalculator for online financial
calculations, the Rule Interpreter, which solves conflicts, and the
virtual @shop, which enables anyone to build his own online store on
the Internet. New products include HiPEx (High Performance Extranets),
a platform for e-business and JNT (Java Network Technology), a
universal platform for Internet terminals like the surfstation.
Customers for the company's products include BMW, Audi, Agfa and
Siemens. Since July 1998, Infomatec has been listed on the Neuer
Market, a segment of the Frankfurt market created especially for
high-tech companies and was also the top performing IPO of 1998 on the
Neuer Market.
About Boca Research
Founded in 1985, Boca Research is a leading provider of hardware
and software technology. Boca Research provides communications
solutions that enable data transmission, connectivity of devices, and
access to applications and information via the Internet, personal
computers, and/or server-based environments. The Company designs,
manufactures, markets, and supports quality, innovative products that
have a cost, performance, and time-to-market advantage.
Boca Research markets modems, thin client/server computing
devices, information appliances, I/O cards and multiport products
under the Boca Research name. The Company also markets modems and
software under the Global Village brand name. Products are sold
worldwide through original equipment manufacturers (OEMs), wholesale
distributors, VARs, and retailers. Boca Research is a U.S. corporation
headquartered in Boca Raton, Florida with international operations and
ventures worldwide.
Notes to Editors: For copies of recent press releases from Boca
Research via fax, call 800-331-1323. For product or company
information via the Internet, visit our Web sites at
bocaresearch.com and globalvillage.com.
Boca Research Inc. and Global Village are registered trademarks
of Boca Research, Inc. All other products and brand names are
trademarks of their respective owners.
--30--gaa/mi*
CONTACT: Boca Research, Inc., Boca Raton
Sandra Humphrey, Director of Corporate Communications
561/997-6227, ext. 305
sandrah@bocaresearch.com
or
The Financial Relations Board, New York
Alison Ziegler - General Information
Elisa Mailman - Analyst Information
212/661-8030
KEYWORD: FLORIDA INTERNATIONAL EUROPE
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET MERGERS/ACQ
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