Crandell,
Did you see where Dr. Patton is relinquishing his 200,000 warrants as a further attempt to avoid any conflict of interest charges? With an exercise price of $.25 a share and a close of $30 on Friday, I calculate that's almost 6 million dollars of "profit" he's giving up on his shares (29.75 x 200,000 = 5,950,000)! I think that says a lot for the future of the ANTS Software solution. Don't you?
The link and article are below-->
Yahoo - ANTs Software.com Releases Additional Information Regarding the the Resignation of Dr. Peter C. Patton
biz.yahoo.com
Monday February 7, 12:59 am Eastern Time
Company Press Release
ANTs Software.com Releases Additional Information Regarding the Resignation of Dr. Peter C. Patton
BURLINGAME, Calif.--(BUSINESS WIRE)--Feb. 7, 2000--ANTs software.com, (OTCBB:ANTS - news; www.antssoftware.com) a developer of advanced technologies to speed up computer processing today released additional information regarding the recent resignation of Dr. Peter C. Patton from its board of directors and advisory board.
Frederick D. Pettit, Chairman and Chief Executive Officer of ANTs said, ``Dr. Patton became acquainted with ANTs founder, Herbert Sullivan, before our Company was founded in the mid-1980s. Dr. Patton and Sullivan shared a common interest in the uncharted areas of making computers work better. During this early period, there was no Internet, bandwidth was a major bottleneck, and memory size and costs were still significant in systems thinking.'
``After invaluable pro bono contributions by Dr. Patton over more than a ten year period, and when ANTs thought its commercial prospects lay in selling high level computer programming aids, in 1996, the Company issued him 200,000 warrants on restricted stock. The strike price of these restricted stock warrants was $0.25 per share, just under the Company's unrestricted market price at the time.'
``Some three years later, in mid-1999, the Company's strategy for commercialization shifted to a totally new paradigm. ANTs now intends to interface its software with that of software vendors, such as Lawson Software, where Dr. Patton currently serves as Senior Vice President of International Business Development, in addition to his post of Chief Technologist. As we go forward, ANTs must assess comparative advantages and determine priorities among these vendors, including Lawson, in choosing its potential interface partners.'
``Last week, I announced Dr. Patton's resignation from our board of directors. Dr. Patton has also requested cancellation of his warrants. These actions of significant professional and financial consequence highlight Dr. Patton's integrity and his desire to assure that there will be no possibility, in future, for the previous conflicts of interest which evolved, as described, from wholly unforeseen circumstances.'
``We would like to thank Dr. Patton for his personal support, contributions to our development, and sacrifices for the best interests of others than himself. I believe that Dr. Patton's actions will enable his Company and ours to make decisions that are in the best interest of each entity and, equally important, are seen to be so by all interested parties.'
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the ``Act'). In particular, when used in the preceding discussion, the words ``plan,' ``confident that,' ``believe,' ``expect,' ``intend to,' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings,and other risks.
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Contact:
ANTs software.com
Leigh Salvo, 510/693-5238 (Investor Relations)
leigh@fullcirclesolutions.com |
