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Technology Stocks : AremisSoft Corporation (AREM) -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (385)	6/14/2001 5:39:17 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 683

Scraps Globalsoft acquisition, ... uses the money to "invest" into its own stock...: biz.yahoo.com AremisSoft Board To Meet Tomorrow to Consider Substantial Increase in Share Repurchase Program NEW YORK--(BUSINESS WIRE)--June 14, 2001--AremisSoft Corporation (NASDAQ: AREM - news), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced that its plans to make a strategic investment in LK Globalsoft.com, a Cyprus corporation, have been terminated by mutual agreement. On April 30, 2001, AremisSoft announced that it had entered into an option agreement coupled with a voting agreement which could result in an increase in AremisSoft's ownership of LK Globalsoft.com from the current level of 7.1% to 59.5% as the option was exercised. Then again on June 1, 2001, AremisSoft announced that it had exercised the initial option to increase its ownership in GlobalSoft from 7.1% to 25% and disclosed its intention to pay $25 million in cash and issue, through its wholly owned subsidiary, $84.146 million in three year term notes. Prior to entering into the transaction, AremisSoft made application to the Cyprus Stock Exchange and Cyprus Securities Exchange Commission (SEC) for an exemption from the its ``public offer'' rules. In a statement released by the Cyprus SEC on May 4, 2001, the Cyprus SEC confirmed that an exemption was granted after finding that ``the agreement does not negatively effect the interests of minority shareholders of LK Globalsoft.com.'' ...