SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15 (d) of the Securities Exchange Act
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March 20, 2000
Date of Report
(Date of Earliest Event Reported)
ASANTE TECHNOLOGIES, INC.
(Exact Name as Specified in its Charter)
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Delaware 0-22632 77-0200286
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
821 FOX LANE
SAN JOSE, CA 95131
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(Address of principal executive offices)
408/435-8401
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Registrant's telephone number
<PAGE>2
ITEM 5. OTHER EVENTS
The Company completed a private placement of 500,000 shares of its
common stock, which raised gross proceeds of $1.5 million. The proceeds will be
used for working capital.
ITEM 7. FINANCIAL STATEMENTS and EXHIBITS
(c) Press Release dated March 22, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ASANTE TECHNOLOGIES, INC.
/s/ ANTHONY CONTOS
Dated: April 4, 2000 ----------------------------
Anthony Contos
Vice President, Finance and
Administration
(Authorized Officer and
Principal Financial Officer)
ASANTE ANNOUNCES PRIVATE PLACEMENT INVESTMENT OF $1.5M TO
ROLL OUT NEW INTRACORE(TM) PRODUCT FAMILY
Investor to Purchase 500,000 Common Shares
SAN JOSE, Calif., March 22, 2000 - Asante Technologies, Inc. (NASDAQ: ASNT.OB)
announced today it has completed a definitive agreement with Delta International
Holding, Ltd. and its family of Companies for the purchase of 500,000 common
shares in exchange for $1.5 million dollars, or $3.00 per share. The investment
was planned as a concerted effort to coincide with the shipment of Asante's
first enterprise Gigabit Ethernet switches.
The proceeds from this investment will be used to expand operations in support
of the Company's newly introduced IntraCore family of high-performance,
enterprise-level, Gigabit Ethernet switches, and to provide additional reserves
for the Company. On March 21, the company announced the shipment of the
IntraCore 8000 and IntraCore 9000, the first two members of this family.
"We recently began shipping the first products in our new line of IntraCore
multi-service Gigabit Ethernet switches, which is the most important development
in Asante's history," commented Wilson Wong, CEO of Asante. "This investment
will help us to fund our expansion of marketing, sales and service operations as
well as the ongoing development of new members of the IntraCore product family."
Asante has developed the IntraCore Architecture specifically to address the
demand for multi-service networks for the Internet age. In addition to data, the
architecture supports voice, graphics and video streams for emerging,
time-critical applications. Taking advantage of advanced ASICs and innovative
design, the IntraCore architecture supports Layer 3 wire-speed routing and
robust Quality of Service (QoS) in the application layer. It is also highly
scaleable and standards-based, thus providing multi-vendor interoperability, and
a smooth migration path from current systems. The new IntraCore family of
products target multi-service applications in educational institutions,
enterprise and service provider environments.
About Asante
Founded in 1988, Asante Technologies is a leading provider of high-performance
networking solutions for the small office/home office (SOHO), educational
institutions, and enterprises. The Company's SOHO products provide hardware and
software solutions to simplify networking and Internet access for mobile, small
and home office professionals. The Company's managed network products are known
for their elegant design, reliability and ease of use. For additional
information, call 800/662-9686 for SOHO products, 800/303-9121 for IntraCore
products, or 408/435-8388 or visit http://www.asante.com/.
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This press release, other than the historical financial information, may consist
of forward-looking statements that involve risks and uncertainties, including
quarterly fluctuations in results, the timely availability of new products, the
impact of competitive products and pricing, ability to attract and retain
qualified personnel, competition, technological change, and the other risks
detailed from time to time in the Company's SEC reports, including the Company's
report on Form 10-Q for the quarter ended January 1, 2000, and the Company's
Annual Report on Form 10-K for the fiscal year ended October 2, 1999.
