American Telesource Moves Record Dates for GlobalSCAPE, Inc. Spin-Off
SAN ANTONIO, TEXAS - American TeleSource International, Inc. "ATSI" (AMEX: AI) announced today that it has moved the record date associated with its announced spin-off of a portion of its wholly-owned subsidiary, GlobalSCAPE, Inc. Originally set for March 15, 2000, the record date for the Board-approved distribution of GlobalSCAPE shares will be set after the requisite filings have been made with and processed by the Securities and Exchange Commission. In addition, the Company anticipates setting a separate record date for eligibility to participate in the purchase of GlobalSCAPE shares as part of an initial public offering to be held by the Company.
Arthur L. Smith, Chairman and CEO, commented, "We have decided to move the record dates to ensure that the transactions are structured to provide the maximum benefit for ATSI stockholders. We have received many inquiries recently regarding the spin-off, indicating a high interest level in both ATSI and GlobalSCAPE. Moving the record dates will ensure that enough information is available to the public to provide for an orderly market for the stocks of both companies. We still have a targeted goal of July 31, 2000 to complete the transactions."
The Company will give a minimum 10 days notice prior to setting the record dates for the distribution of shares and for establishing eligibility of ATSI stockholders and the GlobalSCAPE user base to participate in the purchase of shares of GlobalSCAPE.
Mr. Smith commented further, "We believe the spin-off process will provide maximum benefit to our stockholders. Executive management of the Company exercised non-qualified stock options purchasing nearly 2.8 million shares during the month of February, which further reinforces its long-term commitment to both ATSI and GlobalSCAPE."
Shares of GlobalSCAPE will be offered only by means of a prospectus. This press release is not an offer to sell shares of GlobalSCAPE in any jurisdiction. The sale of the shares of GlobalSCAPE has not been registered with or approved by the Securities and Exchange Commission or any state securities commission.
This News Release contains "forward looking statements," which are statements that describe management's beliefs and expectations about the future. We have identified forward looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties, and these statements may turn out not to be true. Risks that could cause these statements not to be true include loss of key customers, inability to obtain additional capital, inability to make payments to suppliers and lenders on time, dilution of our common stock, equipment failures leading to service interruptions, failure to achieve profitability, regulatory requirements and delays, and other Risk Factors discussed in filings made by the Company with the SEC.