Jul 11th, 1999
SAN ANTONIO, TX - GlobalSCAPE, Inc., a wholly owned Internet subsidiary of American TeleSource International, Inc. (ATSI) (OTC BB: AMTI - news), today announced that it has completed its thorough qualification process and retained SunTrust Equitable Securities Corporation (SunTrust Equitable) to assist it in achieving the appropriate value for GlobalSCAPE.
SunTrust Equitable is the investment banking subsidiary of SunTrust Banks, Inc. (NYSE: STI), the ninth largest commercial bank in the U.S., with assets approaching $100 billion. Since January 1996, SunTrust Equitable has served as managing underwriter for 58 public equity offerings, raising over $4 billion. Additionally, since 1995, SunTrust Equitable has acted as agent on 30 private placements raising approximately $700 million.
Sandra Poole-Christal, President of GlobalSCAPE, commented, "SunTrust Equitable's knowledge and analyst research of the Internet is hands down the best we have seen. We are confident they will give us the financial advisory and banking services needed to implement our strategy and maximize the value of GlobalSCAPE. We believe this relationship will deliver exciting results."
Arthur L. Smith, ATSI's Chairman and CEO, stated, "Based on SunTrust Equitable's impressive track record and their aggressive attitude, we believe they are the right fit for GlobalSCAPE. They like the strategy and share our sense for moving expediently. SunTrust Equitable clearly understands the importance of operating on 'Internet time.' We expect the evaluation of alternatives and the implementation of the chosen path to accelerate now that this relationship has been secured. Our ultimate goal is to make the right decision for GlobalSCAPE and ATSI stockholders."
GlobalSCAPE, Inc. (www.globalscape.com) is rapidly becoming a leader in electronic commerce of Internet-based software, utilizing the Web as an integral component of its development, marketing, distribution and customer relationship strategies. GlobalSCAPE's parent company, American TeleSource International, Inc., is an emerging multinational telecommunications carrier serving certain niche markets in and between Latin America and the U.S. ATSI's borderless strategy includes the deployment of a "next generation" ATM network for more efficient and cost effective service offerings of voice and data transport. The Company has clear advantages over the competition through its corporate framework consisting of unique licenses, interconnection and service agreements, network footprint and extensive distribution channels.
Several statements contained herein, (For example, "We expect the evaluation of alternatives and the implementation of the chosen path to accelerate now that this relationship has been secured" and "We are confident they will give us the financial advisory and banking services needed to implement our strategy and maximize the value of GlobalSCAPE. We believe this relationship will deliver exciting results.") are forward-looking statements. These statements are based on the belief of the Company's management, as well as assumptions made beyond information currently available to GlobalSCAPE's management. Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements to include, but are not limited to a change in management, disengagement of investment bankers, lack of market interest, inability to raise sufficient capital, changes in products provided by third parties on which GlobalSCAPE's products are dependent, such as changes to operating systems and product strategies by vendors of operating systems.