Global Village Completes Sale of Modem Business to Boca Research; Changes Name to OneWorld Systems Inc. and NASDAQ Symbol to OWLD
Business Wire - June 18, 1998 16:39
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SUNNYVALE, Calif.--(BUSINESS WIRE)--June 18, 1998--OneWorld Systems Inc., formerly known as Global Village Communication Inc. (NASDAQ:GVIL) announced today that it has completed the sale of its modem business to Boca Research (NASDAQ:BOCI) for $10 million in cash and notes.
On June 8, 1998, a special Global Village shareholder's meeting was held where the sale of the modem business was approved and shareholders authorized the change of the company's legal name to OneWorld Systems Inc. Effective immediately, Global Village Communication Inc. will be known as OneWorld Systems Inc. and its shares will trade on NASDAQ under the symbol OWLD. Each share of Global Village stock now represents a share of OneWorld Systems Inc. stock.
"Our shareholders overwhelmingly supported our decision to sell the modem business and focus the company on communications servers for small and medium businesses," said Neil Selvin, president and chief executive officer, OneWorld Systems Inc. "With this transaction completed, we can focus 100% of our efforts on the new OneWorld 5000 communication server products introduced on June 8th and continue to build our VAR channel," said Selvin.
GVIL Shares Begin Trading as OWLD on NASDAQ
Effective immediately, the Global Village (GVIL) NASDAQ ticker symbol has been changed to OWLD to reflect the new OneWorld Systems company name. Shareholders do not need to take any specific action as their shares in GVIL now represent shares in OWLD. For example, if shares are held in a brokerage account, this name change will be reflected on shareholder statements. If shareholders hold paper certificates, these GVIL certificates now represent OWLD certificates. Further questions about this matter should be directed in an email to investor_relations@oneworldsystems.com.
Company Prepares for Product Shipment
Introduced last week, the OneWorld 5000 family of communications servers combine Internet access and routing, remote access, online service access, and fax capabilities in integrated, versatile and expandable products. Designed for the small and medium size office, OneWorld 5000 communications servers are easy-to-use, can be expanded as an office grows, integrate multiple communication functions that can all be managed with a single, graphical administration software application, and lower phone costs by dynamically sharing phone lines among multiple data communications uses.
Initial market reaction to the product has been positive: The OneWorld 5000 family "is not smoke and mirrors," said Ray Boggs, director, Small Business and Home Office Markets at IDC/LINK, a market research firm. "If you compare this to buying all this equipment a la carte, this is much less expensive," Boggs said. (source: Network World, June 8, 1998)
Customers are currently beta testing the OneWorld 5000 family and the company is preparing to ship the products in July.
Experienced Management Team
The executive team of Global Village continues to lead OneWorld Systems as it refocuses on the small and medium size office market. The management team consists of Neil Selvin, President and Chief Executive Officer; Charlie Oppenheimer, Chief Operating Officer; Marc Linden, Senior Vice President and Chief Financial Officer; and, Marsha Raulston, Vice President of Human Resources and Customer Satisfaction.
"I'm pleased to be working with a very seasoned management group, innovative engineering team and experienced sales team," said Neil Selvin. "Collectively, we are focused on developing outstanding products and providing excellent service and support to our channel partners and customers," Selvin added.
About OneWorld Systems
OneWorld Systems Inc. develops and manufactures products that enhance and simplify wide-area data communications for the small and medium size office market. OneWorld 5000 Communications Servers combine Internet access, remote access, fax and network modem technologies into a single product and are designed to be versatile, easy to use, cost-effective and expandable as small offices grow.
Formerly known as Global Village Communication Inc., the company's stock is traded under the NASDAQ ticker symbol OWLD. For more information, visit the company's website at www.oneworldsystems.com, or call toll-free in North America at 877/697-2677.
CONTACT: OneWorld Systems Inc.
Heidi Palmer, 408/523-2204
heidi_palmer@oneworldsystems.com
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