Hayes Microcomputer Products and Access Beyond Merge Forming Hayes Corporation - Combined Company Begins Trading Under Its New Symbol 'HAYZ' -
PR Newswire - December 31, 1997 07:27
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ATLANTA, Dec. 31 /PRNewswire/ -- Hayes Corporation (Nasdaq: HAYZ)
announced that effective today it would begin trading on Nasdaq under its
new symbol "HAYZ". Hayes Corporation is the result of the merger between
Hayes Microcomputer Products, Inc., the company that invented personal
computer communications via the modem, and Access Beyond (formerly Nasdaq:
ACCB), a maker of remote access products. The enlarged new company will
enable the virtual workplace by carrying the strong Hayes brand into high
tech-growth markets such as lower-cost remote access communications servers,
cable modems and ADSL. Based on Access Beyond's closing price
yesterday, the combined company's market capitalization is approximately
$250 million.
Dennis Hayes, 47, founder and Chairman of Hayes, has been named
Chairman of Hayes Corporation, with Ron Howard, 42, Chairman and Chief
Executive Officer of Access Beyond, being appointed Vice-Chairman and
Chief Executive Officer of Hayes Corporation. P.K. Chan, 57, President
and Chief Operating Officer of Hayes Microcomputer Products, has been
named to the same posts for the new company.
Mr. Hayes commented, "I can't think of a better way to commemorate our
20th anniversary than with the completion of our merger with Access
Beyond and our entry into the public markets. While core competitors
have weakened considerably in the last year, Hayes Corporation begins
life as the number two world wide supplier of analog modems, in a market
that the December 1997 issue of Data Communications Magazine projects to
grow world-wide 23% next year. We are also very well positioned to become
a strong provider of next generation cable modems and ADSL products that will
make the internet fly for an enormous market of bandwidth hungry users. And
our new remote access products, which received top honors in Network
Computing's December 15th 1997 issue, will provide us with superb
technology to reach the rapidly-growing broad business market."
Mr. Howard said, "I am excited about the extraordinary opportunities
available to Hayes Corporation. Armed with superb brand names, global
retail and corporate distribution channels and least cost manufacturing
capabilities, Hayes represents an engine capable of commercializing a
broad range of communications products to mass markets. Combining
aggressive market development with strong financial controls will be
management's strategy to achieve increased shareholder value."
Also announced today, Hayes Corporation closed on the $35 portion of a
two-phased private placement totaling $45 million of Hayes Corporation
convertible preferred stock. The first $10 million portion closed on
November 12, 1997, while the funding of the second phase was contingent upon
the closing of Access Beyond's merger with Hayes Microcomputer Products.
Jim Jones, Chief Financial Officer of Hayes Corporation, commented, "The
additional capital greatly strengthens the financial resources of Hayes and
will significantly decrease interest expenses. Having additional financial
resources will also enable us to more effectively plan inventory needs
to maximize order shipments."
Based in Norcross, Georgia, Hayes markets its ULTRA(TM), ACCURA(TM),
OPTIMA(TM), Practical Peripherals(TM), Cardinal(TM) and CENTURY(TM) brands of
cable, digital and analog modems, remote access servers and terminal adapters
along with Smartcom(TM) communications software worldwide. Hayes
introduced the PC modem in 1981 and celebrates its 20-year anniversary in
1998. Today, with distributors in more than 45 countries, it is one of the
largest manufacturers of modems in the world. For more information about
Hayes and the company's award-winning product lines, visit the Hayes Web site
at hayes.com.
Hayes, the Hayes logo, ULTRA, ACCURA, OPTIMA, Practical Peripherals,
Smartcom and CENTURY are trademarks or registered trademarks of Hayes
Microcomputer Products, Inc. Cardinal is a trademark of Cardinal
Technologies, Inc. Other trademarks are trademarks of their respective
companies.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward looking statements that
are subject to risks and uncertainties, including, but not limited to,
the impact of competitive products and pricing, product demand and market
acceptance, new product development, reliance on key strategic alliances,
availability of raw materials, the regulatory environment, fluctuations in
operating results and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
SOURCE Hayes Corporation
/CONTACT: Kerri Dimke, Public Relations Manager of Hayes Corporation,
770-840-9200, ext. 6091; or Investors: Donna N. Stein, APR, or Dan Durkin, or
Press: Stan Froelich, of Morgen-Walke Associates, 212-850-5600/
/Web site: hayes.com
(HAYZ) |
