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EXHIBIT 99.1
Press Release
TUT SYSTEMS COMPLETES ACQUISITION OF XSTREAMIS
PLEASANT HILL, Calif., May 30, 2000 -- Tut Systems, Inc. (Nasdaq: TUTS), a
leading provider of multi-service broadband systems for the multi-tenant unit
(MTU) market, today announced that on May 26, 2000 it completed its acquisition
to purchase the company Xstreamis, Ltd. of Oxford, England. On January 2000, Tut
announced a letter of intent to purchase Xstreamis.
Under the terms of the agreement, a combination of Tut Common Stock and cash
with an expected aggregate value of approximately $20 million will be issued to
the shareholders of Xstreamis. This acquisition is expected to be accounted for
as a purchase.
About Xstreamis
Xstreamis' HQ and R&D center is located at Oxford's Science Park. Xstreamis was
formed in 1997 and has received funding from Abel Ventures and Commerzbank.
About Tut Systems, Inc.
Tut Systems (NASDAQ: TUTS) is a leading provider of multi-service broadband
access systems for multi-tenant buildings including apartments, dormitories,
hotels and commercial properties. Tut's family of multi-service platform
products allows service providers and property owners to use buildings' existing
infrastructure or new copper or fiber infrastructure to cost-effectively and
reliably deliver multi-service integrated broadband communication solutions. In
partnership with service providers, Tut has deployed its solutions in commercial
and residential properties of the country's largest real estate investment
trusts, and in the flagship properties of several major hotel chains. Tut's
HomeRun technology has been chosen by the Home Phoneline Networking Alliance
(HomePNA) as the initial specification for in-home networking over phonelines.
For more information, visit Tut's World Wide Web site at
http://www.tutsystems.com or contact Tut's US headquarters in Pleasant Hill,
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California, directly at (925) 682-6510 or (800) 998-4888. For investor
information, please call (800) 486-1241.
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NOTE TO EDITORS: For more information (including pictures in electronic or slide
form) or to arrange interviews or product reviews, please contact Sterling
Communications at: (408) 441-4100.
# # #
Contacts:
Amanda Berman Lisa Hawes
Director, Corporate Communications Sr. Account Executive
Tut Systems Sterling Communications
(925) 692-2393 (408) 441-4100
[email protected] [email protected]
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Tut, the Tut logo, HomeRun and Fast Copper are trademarks of Tut Systems, Inc.
All other products or company names mentioned are used for identification
purposes only, and may be trademarks of their respective owners.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
for Tut Systems, Inc.:
Various matters set forth in this press release, such as statements relating to
the business of Xstreamis, the propects of utilizing its assets, as well as the
anticipated results of the combined operations of Tut Systems and Xstreamis, and
the development of new technology and products and the continued deployment and
integration of existing products, and expectations regarding the size of, demand
from and ability to penetrate the MTU market are forward-looking statements.
These statements are subject to risks and uncertainties, including without
limitation, the integration of the two companies, their ability to execute on
joint plans , the introduction of alternative technological solutions, the
ability to complete development and successfully introduce new products to the
marketplace and other risks detailed from time-to-time in Tut Systems' SEC
filings and reports.
