Filed by TekInsight.com,Inc.
pursuant to Rule 425 under the Securities
Act of 1933, as amended.
Subject Company: Data Systems Network
Corporation
Commission File No.: 33-336044
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION, CONTACT:
Melissa Beck
Edelman Public Relations Worldwide
312-240-3376
[email protected]
Julie Hall
Edelman Public Relations Worldwide
312-297-7525
[email protected]
TEKINSIGHT.COM CLOSES ACQUISITION OF BIGTECHNOLOGIES, INC.
Acquisition enhances TekInsight's state
and local government technology initiatives
NEW YORK - MAY 17, 2000 - TekInsight.com (NASDAQ: TEKS-TEKSW), announced today
the closing of its acquisition of bigtechnologies, Inc., an Internet solutions
firm specializing in the development of e-government sites with advanced
transactional applications. bigtechnologies' stockholders received $1.05 million
in market value of TekInsight.com's common stock, $150,000 in cash and an
incentive plan which could earn an additional $650,000 in market value of
TekInsight.com's common stock. The original letter of intent was signed on March
30.
"States, municipalities and government agencies that have taken advantage of the
Internet by offering online services to its constituents are already receiving
political and economic benefits," said Kyle Tager, President of bigtechnologies,
Inc. "Although the e-government business is in its infancy, as TekInsight.com we
look forward to working with more cities across the country by helping them
deliver excellent customer service with online governmental offerings such as
permitting, licensing, deeds and tax/violation payments."
Since 1995, bigtechnologies has served the unique content and transactional
needs of municipal agencies, enhancing communications between governments and
constituents, saving both parties time and money. The firm works in conjunction
with state and local government MIS departments to create Web sites and specific
applications tailored to the unique needs of their constituents.
bigtechnologies' most notable municipal sites are the City of Boston
(www.cityofboston.com) and Suffolk County Registry of Deeds
(www.suffolkdeeds.com).
"With the acquisition of bigtechnologies, one of the premier companies to make
an impact in the e-government industry, TekInsight has gained a significant lead
in this new explosive area," said Alexander Kalpaxis, Chairman and CTO of
TekInsight.com. "An increasing number of local governments are serving
constituents via the Web. Similar to
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private sector companies, governmental organizations are realizing that to offer
their services online, they must give government workers the tools to manage
that interaction in real-time. Our Streaming XML(TM) technology will be an
essential component in implementing e-business services for state and local
governments."
bigtechnologies has received awards from Government Technology Magazine for the
"Best of the Web" in local government, Yahoo! Internet Life for a perfect "10"
in content development and first place for innovation on the Web from Public
Technology, Inc.
In January, TekInsight.com announced its intent to acquire Data Systems (Press
Release dated 1/20/00), a leading provider of enterprise services, with a
customer base that is also focused in the state and local government arena.
ABOUT TEKINSIGHT.COM
TekInsight.com is a world-class Internet development company that offers
software and services based on its Streaming XML(TM) technology, which harnesses
the vast amount of information by streaming it into XML and compressing the
format for real-time storage and presentation. TekInsight's customers include
Microsoft, IBM and other Fortune 500 companies. The company's proprietary
technology includes various web-based diagnostic software agents and web-based
e-commerce performance and analysis tools. In April 2000, TekInsight.com, Inc.
announced the availability of its first of several software agents,
BugSolver(TM) Developer. BugSolver Developer helps software development
personnel provide virtually instant, accurate answers to desktop/mobile computer
users when a hardware or software failure occurs.
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FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that
certain statements in this release are "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and involve
known and unknown risks, uncertainties and other factors. Such uncertainties and
risks include, among others, certain risks associated with the operation of the
company described above, government regulation, and general economic and
business conditions. Actual events, circumstances, effects and results may be
materially different from the results, performance or achievements expressed or
implied by the forward-looking statements. Consequently, the forward looking
statements contained herein should not be regarded as representations by
TekInsight.com, or any other person that the projected outcomes can or will be
achieved.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
TekInsight.com filed a Registration Statement on SEC Form S-4 in connection with
the merger on May 1, 2000 (SEC file # 33-336044), and TekInsight.com and Data
Systems expect to mail a Joint Proxy Statement/Prospectus to shareholders of
TekInsight.com and Data Systems containing information about the merger.
Investors and shareholders are urged to read the Registration Statement and the
Joint Proxy Statement/Prospectus. The Registration Statement and the Joint Proxy
Statement/Prospectus contain important information about TekInsight.com, Data
Systems, the merger, the persons soliciting proxies relating to the merger,
their interests in the merger, and other related matters. TekInsight and its
officers and directors may be deemed participants in the solicitation of proxies
from its stockholders with respect to the transactions contemplated by the
merger agreement and may have an interest either directly or
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indirectly by virtue of their security holdings or otherwise. Information
regarding such officers and directors is included in the Registration Statement
and the Joint Proxy Statement/ Prospectus. Data Systems and its officers and
directors may be deemed to be participants in the solicitation of proxies from
stockholders of Data Systems with respect to the transactions contemplated by
the merger agreement and may have an interest either directly or indirectly by
virtue of their security holdings or otherwise. Information regarding such
officers and directors is included in the Registration Statement and the Joint
Proxy Statement/Prospectus Investors and shareholders will be able to obtain
free copies of these documents through the website maintained by the U.S.
Securities and Exchange Commission at http://www.sec.gov. Free copies of the
Joint Proxy Statement/Prospectus and these other documents may also be obtained
from TekInsight.com by directing a request to TekInsight.com, Inc., 5 Hanover
Square, 24th Floor, New York, New York 10004, attention: Arion Kalpaxis,
telephone: (212) 278-8520.
In addition to the Registration Statement and the Joint Proxy
Statement/Prospectus, TekInsight.com and Data Systems file annual, quarterly and
special reports, proxy statements and other information with the Securities and
Exchange Commission. You may read and copy any reports, statements or other
information filed by TekInsight.com or Data Systems at the SEC's public
reference room at 450 Fifth Street, N.W., Washington D.C. 20549 or at any of the
Commission's other public reference rooms in New York, New York and Chicago,
Illinois. Please call the Commission at 1-800-SEC-0330 for further information
on the public reference rooms. TekInsight.com's and Data Systems' filings with
the SEC are also available to the public from commercial document-retrieval
services and at the Web site maintained by the SEC at http://www.sec.gov
