in AATK again today after intial flip. Gapper Monday am?
Friday August 20, 9:41 am Eastern Time
Company Press Release
American Access Technologies Acquires Genco, Inc. for Stock Valued At $20 Per Share
LAKE MARY, Fla.--(BUSINESS WIRE)--Aug. 20, 1999-- Telecommunications equipment manufacturer American Access Technologies, Inc. (NASDAQ SmallCap: AATK - news) announced today the acquisition of the trademarks, assets and order and bidding backlogs of Genco, Inc., a privately held manufacturer of generator enclosures. Consideration for the purchase was disclosed as $550,000 in American Access stock valued at $20 per share.
Company president John Presley said that Genco had been a metal fabricating customer of its Omega Metals unit. ``Integrating Genco into American Access will give us a full manufacturing profit and enable us to distribute its motor housings more efficiently and effectively in tandem with our patented zone cabling enclosures,' he stated.
Presley noted that the purchase price of Genco pegged at $20 per share in American Access stock -- approximately three times its closing price on August 19 -- reflected the confidence of the sellers in the strength of the combined businesses going forward. ``We believe that the superior financial position of American Access and its larger, modern facilities will enable Genco to realize its full potential within the next eighteen months,' stated Genco president Andrew Bodenheimer. Presley estimated that sales of the new Genco unit might well approach $4 million during this period.
American Access Technologies, Inc., based in Lake Mary, FL, is a telecommunications technology company that develops, manufactures and markets innovative products designed to support the evolving structured cabling system components of the telecommunications industry. Its core technology, the patent-protected, UL-approved Zone Cabling Termination Cabinet (ZCTC), applies the concept of ``zone cabling' to replace conventional telecommunications wiring with a system that provides complete flexibility for voice and data cabling infrastructures. In addition to the benefits of greater convenience and ease-of-use, zone cabling is estimated to reduce the long term cost of installing and maintaining a telecom wiring system by as much as 70%.
Zone cabling products for ceiling grids, raised floors and modular furniture, are marketed nationwide through leading equipment manufacturers and distributors such as Herman Miller Inc. (NASDAQ: MLHR - news), Graybar Electric Co., Inc., Anixter International Inc. (NYSE: AXE - news), Kent Electronics (NYSE: KNT - news), Hughes Supply, Inc. (NYSE:HUG - news), State Electric, Coleman's and Platt DSV Resource Center.
Customers of American Access include public companies such as Citigroup, Inc. (NYSE:C - news), Fina, Inc. (NYSE:FIN - news); First Data Corporation (NYSE:FDC - news); Gateway 2000 Inc. (NYSE:GTW - news); Harris Corporation (NYSE:HRS - news); Herman Miller (NASDAQ:MLHR - news); Household International Inc. (NYSE:HI - news); Iomega Corp (NYSE:IOM - news); Lucent Technologies Inc. (NYSE:LU - news); Mobil Corporation (NYSE:MOB - news); Cisco Systems, Inc. (NASDAQ:CSCO - news), Level 3 Communications, Inc. (NASDAQ:LVLT - news), Qwest Communications International Inc. (NASDAQ:QWST - news) and Sun Microsystems (NASDAQ: SUNW - news); as well as private corporations and government entities such as the State of Tennessee and school districts in Buffalo, NY, Bucks County, PA and Dallas, Irvine and Richardson, TX.
News and product/service information are available at www.aatk.com.
Note: This press release for American Access Technologies, Inc. may contain forward-looking statements as defined in Section 27A of the Securities Exchange Act of 1934, regarding events, conditions and financial trends that may affect the Company's operating results and financial position. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, which are subject to various risks and uncertainties listed in the Company's SEC filings.
This press release was prepared by The Cavior Organization, Inc., a public relations firm, based on information supplied by its client, American Access Technologies, Inc. The information contained herein is believed to be reliable, but has not been independently verified by The Cavior Organization, Inc. None of the information contained in this press release should be construed as an offer to buy or sell securities, either directly or indirectly. Officers and employees of The Cavior Organization, Inc. may from time to time acquire, hold or sell a position in the securities mentioned herein.
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Contact:
American Access Technologies, Inc.
John Presley, President
407/333-1446
www.aatk.com
or
Media Contact:
The Cavior Organization
Sam Cavior,
212/687-6070/caviorg@aol.com |
