Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Stock Swap -- Ignore unavailable to you. Want to Upgrade?

To: Tech Master who wrote (12228)	2/19/1998 11:25:00 PM
From: Andrew Vance	Respond to of 17305

AV--IMES--Story for all to read: Thursday February 19, 2:48 pm Eastern Time Company Press Release SOURCE: International Meta Systems, Inc. International Meta Systems Announces Cessation of Public Offering, Relocation of Corporate Headquarters and Retirement of Chief Executive Officer AUSTIN, Texas, Feb. 19 /PRNewswire -- International Meta Systems, Inc. (OTC Bulletin Board: IMES - news) announced today that the previously planned secondary offering of common stock to have been underwritten by Nichols, Safina, Lerner and Company (NSL) is being withdrawn in view of the cessation of operations of NSL. As a result, the Company may be unable to implement its business plan and/or continue its present operations without additional funding which the Company is currently pursuing. The Company has taken certain steps to reduce its overhead, including the relocation of its corporate headquarters and design center from El Segundo, California to its Austin, Texas design facility. The address of the new corporate headquarters is 7718 Woodhollow Drive, Suite 150, Austin, Texas 78731. The Company's management intends to relocate existing staff or employ new personnel to replace employees impacted by the relocation. The Company also announced the retirement of George W. Smith for the position of Chief Executive Officer effective immediately. Mr. Smith will continue to serve as a member of the Board of Directors. Other changes to the Board include the resignations of Dr. Phillip M. Neches and Dr. Lee Hoevel. Dr. Hoevel will continue to serve as the Company's president and assume Mr. Smith's Duties. International Meta Systems provides designs, methodologies, tools and intellectual property for the silicon design industry. IMS products and services help customers compete in cost, time-to-market and quality of end product, and are distinguished by their performance and functional compatibility with industry-standard data formats and software. The Company supports its products by providing training and contract services to facilitate their use by customers designing complex silicon end products. These end products are typically integrated circuit (''IC'') chips consisting of hundreds of thousands to millions of transistors that perform logical and mathematical operations. The Company focuses on customers intending to use a 0.25 micron or more advanced fabrication process, and whose end-products are intended for use in microprocessor-based devices. Customers' end products generally coordinate system-level hardware functions, manipulating data in a PC or microprocessor- based device as specified by related application or operating system software. Examples include controllers, digital signal processors, pipelined architectures, microprocessors, custom processor cores, and related components. ADDITIONAL INFORMATION IS AVAILABLE AT imes.com Paul- this announcement does thrill me at all. The underwriter ceases operations which screws up a secondary offering. BAD Moving corporate headquarters to Austin TX, where the real action is. GOOD move especially if it reduces costs. Dr. Phil Neches resigning from the Board - BAD News since he was the Chief Technologist at the old ATT Microelectronics, having been absorbed from the Terradata acquisition a number of years ago. I am enbarassed but I thought Lee Hoevel was the CEO and not just the President. I do not know what to make of the fact that he has resigned from the Board of Directors. Very Weird since he assumes the CEO duties the way I see it. President and assuming CEO duties but resigned from the Board of Directors. Again, real weird. Bottom Line: they were counting on additional funding to move forward. IT now looks as if they could be a sitting duck for a Snapple like takeover where we all get the shaft. They have contracts and if the stock plunges much, a very dicey takeover could take place on the cheap. You have it pegged. Very dicey. This was either going to be a rocket or a wreck. It still remains to be seen which. However, the front end of the car seems to have a great deal of dents in it and the crash dummies have their eyes bulging out about now. Andrew