( BW)(FL-APPLIED-DIGITAL)(ADSX)(SYCM) Applied Digital Solutions Agrees
to Acquire Controlling Interest in SysComm International Corporation
Business Editors, High Tech Writers
PALM BEACH, Fla. & SHIRLEY, N.Y.--(BUSINESS WIRE)--Nov. 14, 2000--
SysComm to acquire majority interest in Applied Digital's Information
Products Center, Inc. Subsidiary;
Applied Digital Solutions CFO David A. Loppert to assume position
of CEO of Syscomm International Corporation
Applied Digital Solutions, Inc. (Nasdaq: ADSX) and SysComm
International Corporation (Nasdaq SmallCap: SYCM) jointly announced today that
Applied Digital has agreed to acquire a controlling interest in SysComm
International Corporation from its founder, John Spielberger.
SysComm provides network and systems integration and is a reseller of
computer hardware.
In a related transaction, SysComm will acquire majority ownership of
Applied Digital Solutions' Information Products Center, Inc. ("IPC") subsidiary,
a system integrator using the Intel platform. The combined SysComm/IPC unit will
offer a product mix that leverages the expertise and market segment of each.
David Loppert, CFO of Applied Digital Solutions, will be named CEO of SysComm.
In a statement, Richard J. Sullivan, Chairman and CEO of Applied
Digital Solutions, explained the significance of the newly acquired interest:
"This is an important move for us. We have recognized for some time that fair
market value for some of our assets was not accurately reflected in our overall
valuation. We have developed a strategy aimed at moving these assets into the
public markets and creating value for our shareholders. This strategy, when more
widely employed, will also allow us to continue to grow the CTII(TM) concept,
allowing each of our technology groups the ability to identify and act upon
opportunities. We see this as an opportunity to more fully recognize the value
of these assets and as a potential means of rewarding shareholders with
participation in each of these ventures. The abundant synergies between SysComm
and IPC make this an ideal model for implementation of this strategy. "
Mr. Sullivan continued: "David Loppert's ability to help guide Applied
Digital and demonstrate fiscal responsibility through our early stages of growth
is well-documented. With his leadership, we are confident that SysComm will
experience renewed vigor and significant growth. With David at the helm of
SysComm, we anticipate being the major shareholder of a company with a very
bright future." Mr. Loppert will continue with his duties at Applied Digital
Solutions until his successor is named. Anat Ebenstein, President of IPC, will
be named to the position of COO at SysComm. Mr. Spielberger will continue to
serve SysComm in a consultative role.
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About SysComm International Corporation
SysComm International Corporation, through its wholly owed InfoTech
subsidiary, provides comprehensive information technology solutions to Fortune
1000 companies as a value-added systems integrator of computer hardware and
software as well as providing a full range of e-business solutions from web
design and hosting through enterprise systems management. The Company, which
designs, configures, installs and supports mid-range mainframe and data storage
systems as well as personal computers, offers leading edge capabilities in
business intelligence and client-server applications and systems management for
the financial services, health care, education, government and general
commercial sectors. For more information, visit the Company's website at
www.infotechUSA.com.
About Applied Digital Solutions
Applied Digital Solutions is a leading edge, single-source provider of
e-business solutions. The company differentiates itself in the marketplace by
enabling e-business through Computer Telephony Internet Integration (CTII). With
five-year growth (from 1994 to 1998) of 64,012%, Applied Digital Solutions is
ranked as the fifth fastest-growing technology company by Deloitte & Touche in
its 1999 Technology Fast 500 listing. For more information, visit the company's
web site at www.adsx.com.
Statements about the Company's future expectations, including future
revenues and earnings, and all other statements in this press release other than
historical facts are `forward-looking statements' within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Litigation Reform Act of 1995.
The Company intends that such forward-looking statements involve risks and
uncertainties and are subject to change at any time, and the Company's actual
results could differ materially from expected results. The Company undertakes no
obligation to update forward-looking statements to reflect subsequently
occurring events or circumstances.
