(PR NEWSWIRE) Manhattan Scientifics to Acquire Major Interest in Internet
Manhattan Scientifics to Acquire Major Interest in Internet Imaging Company
LOS ALAMOS, N.M., June 7 /PRNewswire/ -- Manhattan Scientifics, Inc.
(OTC Bulletin Board: MHTX) announced today that it is acquiring 5.0 million
shares of New Mexico Software, Inc. (NMS), a private company located in
Albuquerque, NM. The transaction will be completed when NMS becomes public,
an event planned to occur within the next 60 days. Manhattan Scientifics will
own approximately 30% of the public company. The terms of the transaction
were not disclosed.
New Mexico Software develops and markets proprietary Internet
technology-based software for the high-speed transmission of high-resolution
graphic images, video clips and audio recordings. The software also provides
image archiving, asset packaging, data mining and secure e-commerce
transaction capabilities. All aspects of the NMS software provide
business-to-business cost-saving solutions for the secure distribution,
management, storage and retrieval of digital/media assets, as well as
significant e-commerce enabling capabilities.
The software matrix allows multiple resolutions -- from thumbnail to
gigantic -- to be stored in a single file. Another feature of the software
allows the viewer to zoom into tiny details without losing resolution. The
software has major applications for the media, advertising, publishing,
medical, entertainment, e-commerce and university markets.
NMS currently has 21 major clients including six Fortune 500 companies.
The company has won several awards for its products including the Smithsonian
Innovative Laureate 1998, PMA Innovative Product Award 1997 and Advanced
Imaging Magazine's Imaging Solution of the Year for 1997.
New Mexico Software's CEO Dick Govatski said, "We welcome the association
with Manhattan Scientifics to further enhance our technical and marketing
capability. Manhattan's close affiliation with the Los Alamos National
Laboratory will prove to be useful as we expand our technical capability to
various markets. These opportunities include the accurate and precise high
speed transport of high definition x-ray, MRI and other medical images to
doctors and hospitals over the Internet."
Marvin Maslow, Manhattan Scientifics' CEO said, "This is a significant
acquisition for Manhattan Scientifics because it demonstrates our ability to
continue to expand our technology interests while adding substantial new value
to our company."
Manhattan Scientifics, Inc. is currently developing and commercializing
proprietary technologies that address critical issues in the advancement of
consumer and commercial electronics including portable power and holographic
media for data storage. The company's association with New Mexico Software
will add sophisticated Internet-based image management and transmission
technologies. Manhattan Scientifics' research headquarters are located in Los
Alamos, NM. Its business offices are in New York City. Copies of Manhattan
Scientifics press releases, current quotes, stock charts and other useful
information for investors may be found on the websites www.mhtx.com and
www.hawkassociates.com . For further information contact Manhattan
Scientifics CEO Marvin Maslow, (917) 923-3300 or Dick Govatski, CEO, New
Mexico Software (505) 298-3738. Manhattan Scientifics' business address is
641 5th Avenue, New York, N.Y. 10022. (212) 752-0505/ Fax (212) 752-0077.
Media Contact Institutional Investor Relations:
Alex Stanton, Peter Engel Frank Hawkins, Julie Marshall
Stanton-Crenshaw Hawk Associates
Email:alex@stanton Email: Fhawk@hawkassociates.com
crenshaw.com hawkassociates.com
Tel: (212) 780-1900 Tel: (305) 852-2383
The foregoing press release contains forward-looking statements, including
statements regarding the company's expectation of its future business. These
forward looking statements are based largely on the company's expectations and
are subject to a number of risks and uncertainties, certain of which are
beyond the company's control. Actual results could differ materially from
these forward looking statements as a result of a variety of factors including
the taking public of New Mexico Software, successfully completing the research
and development with respect to the micro fuel cell and other technologies,
successfully commercializing the micro fuel cell and holographic storage
devices for mass production, successfully protecting the company's patents,
and effective significant industry competition from various entities whose
research and development, financial, sales and marketing and other
capabilities far exceeds the company's. In light of these risks and
uncertainties there can be no assurances that the forward-looking statements
in this press release will in fact transpire or prove to be accurate.
SOURCE Manhattan Scientifics, Inc.
-0- 06/07/99
/CONTACT: Alex Stanton or Peter Engel, both of Stanton-Crenshaw, Media,
212-780-1900, or alex@stantoncrenshaw.com, for Manhattan Scientifics, Inc.; or
Frank Hawkins or Julie Marshall, both of Hawk Associates, Investors,
305-852-2383, or Fhawk@hawkassociates.com, for Manhattan Scientifics, Inc./
/Web site: mhtx.com
(MHTX)
CO: Manhattan Scientifics, Inc.
ST: New Mexico
IN: CPR
SU: TNM
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