American Telesource Sets Record Date for GlobalSCAPE Share Distribution
SAN ANTONIO, TEXAS -- American TeleSource International, Inc. "ATSI" (AMEX: AI) announced today that its Board of Directors has established a Record Date of July 14, 2000 for the distribution of approximately 27% of ATSI's ownership in GlobalSCAPE, its wholly owned Internet subsidiary, to ATSI's stockholders. ATSI stockholders will receive a portion of ATSI's 12,920,000 share ownership in GlobalSCAPE via a distribution made pro rata one share of GlobalSCAPE Common Stock for each twenty shares of ATSI Common Stock held as of the July 14, 2000 Record Date. As normal, the SEC has provided comments to GlobalSCAPE's Form 10 registration statement. The Company anticipates making the distribution as soon as practical after the Record Date and the addressing of the SEC comments.
Although a Form 10 registration statement has been filed in connection with the shares to be issued in the distribution, GlobalSCAPE's bylaws contain provisions restricting the sale of the distributed shares. ATSI does not currently intend to list the GlobalSCAPE shares for trading on an exchange or automatic quotation system.
H. Douglas Saathoff, ATSI's Chief Financial Officer, stated, "This distribution will give our stockholders an opportunity to receive direct ownership in GlobalSCAPE at a lower tax basis, and enhances their ability to participate directly in any future successes that GlobalSCAPE may enjoy in the public or private markets. Stockholders in ATSI will also benefit from any future successes that GlobalSCAPE may enjoy through ATSI's retained ownership position in GlobalSCAPE."
American TeleSource International, Inc. is an emerging international carrier serving certain niche markets in and between Latin America and the United States. The Company's borderless strategy includes the deployment of a "next generation" network for more efficient and cost effective service offerings of domestic and international voice and data. ATSI has clear advantages over the competition through its corporate framework consisting of unique licenses, interconnection and service agreements, network footprint, and extensive retail distribution. GlobalSCAPE, Inc. (www.globalscape.com), is a leader in the development, marketing, distribution and support of award winning Internet-based software in a variety of categories including file management, multimedia utilities and Web site development tools targeting both business and consumer markets.
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," "may" "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, and other Risk Factors discussed in filings made by the Company with the SEC.