American Telesource Board of Directors Approves Public Offering Plan for GlobalSCAPE, Inc.
SAN ANTONIO, TEXAS - American TeleSource International, Inc. "ATSI" (AMEX: AI) today announced that its Board of Directors has approved a plan to spin-off a portion of its Internet subsidiary, GlobalSCAPE, Inc., via a public offering of GlobalSCAPE common stock to common stockholders of ATSI and to registered users of GlobalSCAPE's software products.
In addition, ATSI stockholders will be given a distribution of one share of GlobalSCAPE common stock for each twenty shares of ATSI common stock owned as of the record date. The Company has set a record date of March 15, 2000. The Company expects to complete the transactions by the end of its fiscal year, July 31, 2000.
The terms of the plan are outlined below:
-- Each ATSI stockholder of record on March 15, 2000 will receive one share of GlobalSCAPE common stock for every 20 shares of ATSI owned.
-- ATSI stockholders of record on March 15, 2000 will be allowed to purchase 100 shares of GlobalSCAPE common stock for every 2000 ATSI shares owned. Shares must be purchased in 100 share increments.
-- A limited portion of GlobalSCAPE common stock will be offered to GlobalSCAPE's customers who have paid for and registered any GlobalSCAPE product as of March 15, 2000.
-- The shares will be offered only by means of a prospectus.
Proceeds from the offering will be allocated first to GlobalSCAPE for expansion of its business, and second to ATSI for general corporate purposes.