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Exhibit 99.1
DRAFT - DO NOT DISTRIBUTE
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Contacts:
AVT Corporation - Investor Relations
Michele Reid, 425/825-3479
[email protected]
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Kimberly Tipton - Business Press Jennifer Ashton -Trade Press
(206) 505-8320 (801) 373-7888
[email protected] [email protected]
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AVT Corporation Accelerates Mobile Wireless Strategy with
Acquisition of Infinite Technologies
Unified Communications Solutions Expand to Serve Enterprise Wireless Needs
KIRKLAND, Wash., January 4, 2001 - AVT Corporation (Nasdaq: AVTC), a leading
provider of unified communications solutions, today announced the acquisition of
Infinite Technologies, a global supplier of wireless applications and wireless
infrastructure solutions. The acquisition follows AVT's October 2000
announcement of its intention to extend its market leadership position in the
areas of unified messaging and document exchange, by aggressively pursuing a new
mobile wireless initiative worldwide.
Since 1991, Infinite has been an innovator in the wireless and electronic
messaging market, with its Infinite Enterprise WAP Server and Infinite
InterChange software solutions. The company's strength is in the development of
wireless applications and cross-platform messaging systems for clients in the
corporate, wireless carrier, government, ISP and education markets.
"Our mobile wireless initiative is a natural extension to what AVT does best -
giving business professionals the freedom and control to manage critical
business information when, where, and how they choose," said David Anastasi,
president & CEO of AVT. "The acquisition of Infinite's technology, prominent
customer base, and proven expertise in bringing award-winning wireless
applications to market will accelerate AVT's delivery of a unified
communications solution for next-generation wireless devices and help enhance
our company's growth plans for the future."
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Page two - AVT Acquisition of Infinite Technologies
Under the terms of the merger agreement, total consideration paid by AVT
approximates $24.0 million. At closing, AVT paid approximately $9 million in
cash and issued approximately 1.6 million shares of AVT common stock. AVT will
pay approximately $3.0 million in a combination of cash and AVT common stock
under a deferred payment arrangement over the next three years. In addition,
AVT may pay up to an additional $4.0 million in a combination of cash and AVT
common stock under an earn-out arrangement over the next three years which may
be expensed as compensation by AVT. AVT does not anticipate any employment
changes for Infinite's current employee base and will retain the Infinite office
located in Owings Mills, Maryland. The transaction will be accounted for under
the purchase method of accounting.
Anastasi added, "We are very pleased that as part of the acquisition, Infinite's
well respected and highly talented team of wireless professionals will join AVT
to help the company pursue its wireless communications vision. We are
particularly pleased with the addition to our team of Brett Warthen, the
founder,current CEO and visionary of Infinite Technologies. Brett is very well
respected throughout the wireless industry. He is a prominent industry speaker
and co-chair of the WAP Developers Expert Group for the WAP Forum. His knowledge
and experience in the wireless market will contribute strongly to AVT as we
continue to establish ourselves as a premiere player in the wireless space."
Warthen will serve as senior vice president, wireless strategy and technology.
"We are thrilled to join AVT at this important time for the company. As a result
of this combination, we believe we are well positioned for the emerging mobile
wireless market," said Warthen. "Together, we will work to deliver a
comprehensive, integrated, world-class set of wireless solutions that will help
define the landscape of unified communications."
In addition to adding strong wireless expertise, Infinite will further advance
the company's global growth strategy through its international customer base.
Currently, more than 50 percent of Infinite's sales are generated outside of
North America. The company has wireless carrier and financial customers in over
25 countries, and over 1000 universities and other educational customers
worldwide. Infinite's clients include BT Internet (UK), BT Cellnet (UK),
Swisscom (Switzerland), AT&T (US), Atos (France), SmartTone (Hong Kong),
Skandiabank (Sweden), Postova Banka (Slovenia) and Vakifbank (Turkey).
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Page three - AVT Acquisition of Infinite Technologies
AVT will hold a conference call regarding the acquisition of Infinite
Technologies on January 4, 2001 at 1:00 p.m. eastern standard time which can be
accessed via AVT's web site at www.avtc.com.
About Infinite Technologies
Infinite Technologies, headquartered in Owings Mills, MD, is one of the world's
leading suppliers of WAP software solutions. Infinite is a leader in the WAP
market with products such as Infinite Enterprise WAP Server, and Enterprise WAP
Server, and Infinite InterChange, an e-mail solution for WAP compatible mobile
phones and devices. Infinite WAP solutions are in use at commercial sites such
as BT, BT Internet, BT Cellnet, Swisscom, KPN, Atos, AT&T, Telstra, SmartTone,
Mviva, Optimus and others. Infinite maintains a site on the World Wide Web at
www.infinite.com
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About AVT Corporation
AVT Corporation (Nasdaq: AVTC) is a leading provider of unified communications
solutions that provide the timely exchange of business information anytime,
anywhere from virtually any communications device, helping organizations manage
their communications workflow. The company specializes in developing and
marketing its CallXpress unified messaging solution, its RightFAX fax and
communications servers, and its MediaLinq electronic document delivery services.
AVT has more than 65,000 systems installed worldwide, with 80 percent of the
Fortune 100 using the company's award winning products and services.
AVT is headquartered in Kirkland, WA, and has main offices in Tucson, AZ;
Portland, OR; and San Francisco, CA. In addition, AVT has sales and support
offices in the United Kingdom, Hong Kong, and Dubai. Founded in 1982, AVT is
publicly traded under the symbol "AVTC" on the Nasdaq National Market. AVT
maintains a site on the World Wide Web at www.avtc.com.
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This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks and uncertainties, including technical and competitive
factors, which could cause the Company's results and the timing of certain
events to differ materially from those discussed in the forward-looking
statements. Such risks are detailed in AVT's latest Annual Report, on Form 10-K
and Form 10-Q filed with the Securities and Exchange Commission.
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