Nexar Technologies Engages Southport Partners for Investment Banking and Strategic Counsel
Business Wire - March 19, 1998 08:15
%NEXAR NEXR %MASSACHUSETTS %COMED %COMPUTERS %ELECTRONICS V%BW P%BW
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SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--March 19, 1998--Nexar Technologies, Inc., (NASDAQ:NEXR) today announced that it has engaged Southport Partners, an investment banking and financial advisory firm specializing in M & A and financing transactions in the information technology industry. Under the agreement, Southport will provide Nexar with advisory services concerning Nexar's strategic alternatives.
"The company has received various inquiries related to joint venture, licensing and other potential transactions, and we believe engaging Southport will help us evaluate and pursue our alternatives in a strategic manner that is in the best interest of Nexar shareholders," said Albert J. Agbay, chairman and chief executive officer, Nexar Technologies, Inc. "Establishing this relationship with Southport confirms the value of our strategic business plan and will enable us to leverage Southport's experience and expertise as we continue to grow the business and accelerate market acceptance of our XPA technology."
"We are looking forward to working with Nexar to help develop and evaluate strategic alternatives to maximize the potential and value of their innovative products," said Dale McIvor, a founding partner of Southport Partners. "This may include various financing options and strategic partnerships with established entities in the PC industry."
Separately, Nexar also announced today that the company's annual shareholder meeting has been scheduled for June 10, 1998.
Nexar went public in April of 1997 and, for the year ended December 31, 1997, Nexar reported record revenues of $33,608,000 compared to revenues of $18,695,000 for fiscal year 1996.
About Nexar
Nexar Technologies is a new class of PC manufacturer that offers the industry's only "future-ready" personal computer systems. Providing unparalleled support for new and emerging technologies, Nexar XPA(tm) (Cross Processor Architecture) PCs enable consumer and business users to reduce ownership costs, protect their technology investments and extend the lifecycle of their PC. Headquartered in Southborough, Mass., Nexar sells its custom configured systems through national and regional value-added resellers, distributors and systems integrators including Computer City, Bull HN Information Systems and GTSI.
About Southport Partners
Southport Partners, a registered broker-dealer and investment advisor, is a privately owned investment banking and financial advisory firm. With transaction expertise in computer systems and related industries, Southport offers a broad range of advisory services including strategic alliances, mergers and acquisitions, and private placements of equity and debt capital.
Statements in this release which express the beliefs and expectations of the Company regarding its future results or performance are forward-looking statements that involve a number of risks and uncertainties. The Company's actual results could differ significantly from the results discussed in such forward-looking statements. Factors that could cause or contribute to such differences include those discussed in the Company's SEC filings, including its Prospectus dated April 8, 1997, and its Form 10-Q, filed on November 13, 1997, which factors include, among others, (a) intense competition, (b) dependence on substantial customers, (c) uncertainty of market acceptance of the Company's products, (d) dependence on third party resellers and distributors, (e) risks associated with international expansion, (f) risks associated with rapid growth, and (g) reliance on suppliers. The company undertakes no obligation to update any such forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
Nexar news releases are available through Nexar's web site at www.nexarpc.com
CONTACT: Nexar Technologies, Inc. Copithorne & Bellows
Craig Conrad Sara Buda/Tim Hurley
508/485-7900 ext. 233 617/450-4300
or
Southport Partners
Dale McIvor
203/255-1231 |
