ATSI Confirms Date For Distribution of GlobalSCAPE Shares
SAN ANTONIO, TEXAS -- American TeleSource International, Inc. "ATSI" (AMEX: AI) announced today that its Board of Directors has authorized the distribution of approximately 30% of ATSI’s ownership in GlobalSCAPE, Inc., its Internet software subsidiary, to ATSI’s stockholders. The distribution will occur on Tuesday, September 12, 2000.
Stockholders of record will receive one share of GlobalSCAPE common stock for each 20 shares of ATSI owned on July 14, 2000. Any fractional shares will be rounded up to the next whole share. Along with the shares, each stockholder of record will receive an Information Statement, which was filed by GlobalSCAPE with the Securities and Exchange Commission (SEC) on Form 10 in connection with the distribution. The Information Statement contains, among other things, a description of GlobalSCAPE’s business, historical financial statements, a discussion of the potential tax consequences of the distribution, and a discussion of the transferability of the GlobalSCAPE shares.
ChaseMellon Shareholder Services L.L.C. will serve as the GlobalSCAPE transfer agent. Stockholders of record who hold their ATSI stock in a brokerage account should receive their distribution and the Information Statement via their broker. Registered stockholders of record, who do not hold their ATSI stock in a brokerage account, should receive their distribution and Information Statement directly through the mail.
Any inquiries related to the distribution should be directed to Karen Mella, Vice President Investor Relations for ATSI, at 210-547-1007.
GlobalSCAPE recently filed its initial Form 10Q with the SEC in which it reported operating results for the three and six month periods ended June 30, 2000. For the six month period ended June 30, 2000, GlobalSCAPE reported revenues of approximately $3.0 million, income from operations of approximately $955,000 and net income of approximately $602,000, or $0.05 per common share outstanding.
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.
American TeleSource International, Inc. is an emerging international carrier serving the rapidly expanding 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.