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Exhibit 4
INSYNQ SHAREHOLDERS APPROVE CORPORATE NAME CHANGE
AND FORWARD 2 FOR 1 STOCK SPLIT
Tacoma, WA - August 3, 2000/PRNewswire--InsynQ, Inc.
(OTCBB:ISNQ), formerly operating as Xcel Management, Inc., today announced the
shareholder approval of their corporate name to InsynQ, Inc., and announced a
forward 2-for-1 stock split. Additional shareholder approvals related to
reincorporating the company from Utah to the State of Delaware.
Subsequent to today's shareholder authorization the number of
outstanding common shares in the Company increased from approximately 9.9
million to approximately 19.8 million. In addition to the forward stock split,
shareholders approved and adopted the Company's Employee 2000 Long Term
Incentive plan and the Executive Officer Incentive plan, plus ratifying the
selection of G. Brad Beckstead as a new independent auditor.
According to John Gorst, InsynQ CEO and President - "We are pleased to
announce the current shareholder actions - which in effect position our company
to move forward with various corporate initiatives that we believe will help
better position us within the industry. Over the past several months we have
worked diligently to secure several tactical working relationships, build out a
productive sales force and position the company for rapid but controlled growth.
We have just begun to execute on our strategic business plan and expect that
InsynQ could become a recognized contributor of managed network products and
services."
InsynQ's single source managed network solutions is comprised of both
partner relationships and proprietary product and services - partnerships
include Global Crossing for connectivity, Hewlett-Packard for data center
infrastructure, and multiple software offerings including those from Remedy and
Macola - InsynQ's products include its proprietary IdesQ(TM), InterLynQ(TM) and
InQ(TM) Internet appliances and Linux-based management software.
Company Overview
InsynQ is a pioneer within the Internet Utility Industry. This industry
extends the current ASP model---combining application hosting, Web hosting,
hardware manufacturing, telecommunications infrastructure, and network and
application performance monitoring, providing a true utility service to their
customers and partners worldwide. InsynQ's Managed Service Provider (MSP)
technology enables customers to simply plug in to a network or a standard phone
jack, pull up a hosted Windows(TM) desktop, and be operational---from anywhere
in the world, and at a cost savings relative to traditional LAN, WAN, and
client-server technologies. For more information on InsynQ services, access
www.InsynQ.com, or call (253) 284-2000.
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CONTACT: Xcel Management, Inc
Tacoma, Wash
Addam Chandler - Investor Relations
1-888-590-7933
Or email [email protected]
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Forward Looking Statements
This press release contains statements relating to future results, including
future operations of the Company, which are forward-looking statements regarding
future events and the future performance of the Company and for which no
assurances can be made. Actual results may differ materially from those
projected as a result of certain risks and uncertainties associated with the
Company's business, the Internet Utility Industry and the ASP Industry, as well
as the risks and uncertainties detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission.
