And the story gets better and better
XYBR.......
uesday July 11, 8:32 am Eastern Time
Company Press Release
SOURCE: Xybernaut Corporation
Xybernaut Included in
Russell 2000(R) and
Russell 3000(R) Indices
Company Completes $3.5 Million Placement of Common
Stock and Receives Unqualified Audit Opinion
FAIRFAX, Va., July 11 /PRNewswire/ -- Xybernaut Corporation (Nasdaq:
XYBR - news) announced that it has been selected for inclusion in the
widely-followed Russell 2000® index of small capitalization stocks, along with
the broader Russell 3000® index.
These indices are run by Frank Russell Company, a wholly-owned subsidiary
of Northwestern Mutual Life, which produces a family of 21 U.S. equity
indices and directly manages 122 funds with over $60 billion of combined
assets. Additionally, more than $175 billion is invested in funds modeling
Russell's U.S. indexes, and more than $750 billion in funds is benchmarked
against the global family of Russell indexes.
``Inclusion in the Russell 2000 and 3000 indices marks a significant step in our
campaign to obtain a larger institutional following for Xybernaut common
stock,'' said Edward G. Newman, president and CEO of Xybernaut.
``According to Nasdaq, ten institutions entered the market during the past
month and purchased over 1.2 million shares of Xybernaut common stock.
We believe that inclusion in the Russell indices is one of many upcoming events
that will result in an increased institutional ownership of Xybernaut stock.''
``Obtaining this unqualified audit opinion is significant and makes it easier to
expand institutional and analyst interest in Xybernaut,'' stated John F.
Moynahan, senior vice president and chief financial officer of Xybernaut.
``Going concern disclaimers are common with growing technology companies.
Removal of this disclaimer reflects a number of factors, including solid
execution of our business plan and the increased strength of the Company's
business and financial situation, as evidenced by the recently-completed $3.5
million placement of unregistered common stock.''
On July 7, 2000, Xybernaut filed an amendment to its Form-10KSB for the
year ended December 31, 1999 with an unqualified opinion from its auditors
for the first time in the Company's history. Prior to this filing, the Company's
audit opinions have included a ``going concern'' disclaimer. Also on this date,
the Company filed an S-3 registration statement for a portion of the stock
issued in connection with the April 7, 2000 acquisition of Selfware Inc. and the
unregistered common stock issued in a $3.5 million private placement that was
completed in June 2000 at a 12% discount to market at time of issuance.
Mr. Moynahan continued, ``To provide the future capital that we anticipate
will be needed for us to properly execute our business plan and protect our
intellectual property, we have readily-available sources of capital on favorable
terms.'' For more complete information on the Company's financial position,
the financial statements and the footnotes should be read in their entirety.
About Xybernaut Corporation
Xybernaut Corporation is the leading provider of wearable computing
hardware, software and services, bringing communications and full-function
Pentium computing power in a hands-free design to people when and where
they need it. The Mobile Assistant® IV (MA IV®), Xybernaut's wearable
PC, runs all major operating systems on Intel x86 architecture. With the MA
IV, customers realize immediate savings in maintenance and repair, diagnosis,
inspection, inventory control and data collection procedures. Key industries
using Xybernaut's products include manufacturing, distribution, transportation,
government, and utilities. Headquartered in Fairfax, Virginia, Xybernaut has
offices and subsidiaries in Europe (Germany) and Asia (Japan). Visit
Xybernaut's web site at xybernaut.com.
This press 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,'' or ``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 of the forward-looking
statements. Such risks and uncertainties include, the ability to successfully
develop, manufacture and produce current and future generations of products
and displays, customer acceptance of such products and displays, competitive
factors, the ability to successfully complete additional financing and other risks
described in the Company's SEC reports and filings.
SOURCE: Xybernaut Corporation |
