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EXHIBIT 99.8
FOR IMMEDIATE RELEASE
Company Contact: Investor Contact:
Kit Webster, Chief Financial Officer Morgen-Walke Associates
512-681-8470 Meredith Pudalov
212-850-5600
[email protected]
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Netpliance Investor Relations Line
1-888-608-6635
[email protected]
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INVESTOR GROUP PROPOSES TO ACQUIRE THE PUBLICLY-HELD
SHARES OF NETPLIANCE, INC. AT $0.65 PER SHARE IN CASH
IN MANAGEMENT BUYOUT
Austin, Texas, December 22, 2000 -- Netpliance, Inc. (Nasdaq: NPLI) announced
today that an investor group comprised of current stockholders has delivered a
proposal letter to Netpliance's Board of Directors requesting an opportunity to
discuss a possible tender offer and merger transaction in which the outstanding
shares of Netpliance's common stock not owned by the investor group would be
acquired for $0.65 per share in cash. The investor group proposing the buyout
is headed by Netpliance's Chairman, Chief Executive Officer and co-founder John
F. McHale and includes certain other stockholders. The members of investor
group together beneficially own 31,205,185 shares (or approximately 52%) of
Netpliance's common stock. It is anticipated that other stockholders will be
joining the investor group.
Netpliance's Board of Directors will form a special committee of independent
directors to consider the investor group's proposal. The proposal to acquire
the remaining outstanding shares of Netpliance is subject to the approval of
that special committee and the negotiation of a definitive agreement, which
would include customary conditions to closing.
About Netpliance
Netpliance provides infrastructure products and managed services for next
generation premium residential IP voice, video and data applications. Existing
and emerging IP-based broadband service providers including traditional telecom
carriers, Internet Service Providers( ISPs), cable multi-system operators
(MSOs), competitive local exchange carriers (CLECs), internet destination sites
or portals, Internet Telephony Service Providers (ITSPs), and application
service providers (ASPs) will be able to rapidly deploy new world services based
on the Netpliance Broadband Service Delivery platform.
Forward-looking Statements
This announcement contains forward-looking statements that are subject to
significant risks and uncertainties. Although Netpliance believes that the
expectations reflected in its forward looking statements are reasonable,
Netpliance can give no assurance that such expectations or any of their forward
looking statements will prove to be correct, and future results may differ from
those discussed in this press release. Important information regarding the
factors that may affect Netpliance's future performance is included in the
public reports that Netpliance files with the Securities and Exchange
Commission. Netpliance disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information, future event,
change in expectations, conditions or circumstances, or otherwise. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. The inclusion of any statement in this
release does not constitute an admission by Netpliance or any other person that
the events or circumstances described in such statement are material.
END OF RELEASE
