SAN MATEO, Calif., and ARLINGTON, Va., Feb. 15 /PRNewswire/ --
Enlighten Software Solutions, Inc. (Nasdaq: SFTW), a provider of award winning
integrated systems management software, and Maden Technologies, a privately
held industry leader in information technology, today announced an agreement.
Subject to satisfaction of various closing conditions, including a mailing to
all Enlighten shareholders not later than ten days before initial funding of a
letter describing the transaction and indicating that Enlighten will not seek
shareholder approval of this transaction, Maden Technologies has agreed to
provide Enlighten an initial loan of $100,000 and, in the sole discretion of
Maden Technologies, additional advances under a credit facility providing for
total borrowings in the aggregate amount of up to $1,118,250.
Any amounts extended under the credit facility will be secured by
Enlighten's core products, technology and intellectual property. The note is
repayable upon demand by Maden Technologies after July 15, 2001. Maden
Technologies will be entitled to convert amounts extended under the credit
facility into shares of Enlighten common stock at a conversion price of
$0.225. If the credit facility were fully extended, Maden Technologies would
acquire the right to convert the indebtedness into Enlighten common stock
representing up to 49.9 percent of the shares then outstanding.
At the initial funding, Maden Technologies will secure the right to name
four out of seven members of the Enlighten board of directors, and Omar Maden,
CEO of Maden Technologies, will then assume management duties as interim CEO
of Enlighten. Bill Bradley, President and CEO of Enlighten, will serve as a
consultant during the transition. David Parker, a Board member and former
President and CEO of Enlighten, along with two of three existing Enlighten
Board members will remain on the Board.
In addition, under the terms of the deal, upon any initial funding
Enlighten will grant Maden Technologies a one year option to purchase up to
2 million shares of common stock at the fair market value at the date of
exercise.
In the event Enlighten is unable to satisfy conditions for the initial
funding, Maden Technologies may purchase a non-exclusive license to
Enlighten's core products, technology and intellectual property for a one-time
cash payment of $1,118,250.
Enlighten is a provider of single-point workgroup administration and event
monitoring solutions for Unix, Linux, Windows, and FreeBSD platforms within
distributed and Internet computing environments. Through this strategic
relationship Maden Technologies will adopt Enlighten's software line featuring
the popular EnlightenDSM product suite, for use with its growing customer
base. Maden Technologies will work with Enlighten to further customize the
software and improve the graphical user interface.
"We believe Enlighten's software is the best at what it does in the
world," said Omar Maden, CEO of Maden Technologies. "We plan to reposition the
software and provide information technology services to Enlighten's customers
that will enhance the value of Enlighten's products. Maden Technologies and
its subsidiary MC Info, envision business synergies, cross-selling prospects
and joint-marketing opportunities."
Investors will have the opportunity to listen to a conference call with
Enlighten management over the Internet at http://www.streetevents.com or by audio at
(703) 871-3630 beginning today at 11:00 a.m. PST, and a replay will be
available immediately following completion of the live call through March 15,
2001. In addition, investors will have the opportunity to access a telephone
replay of the call through February 21, 2001 by dialing (703) 925-2435, pass
code #5003988.
About Maden Technologies
Maden Technologies, founded in 1986 and based in Arlington, Virginia, is a
leader in information technology, providing comprehensive eBusiness solutions
that deliver cutting edge innovation to all levels of its clients' IT needs.
This includes network engineering and monitoring, messaging and communications
system design, and implementation of extensive network security procedures and
operations. Maden Technologies' subsidiary companies, MC Info, Inc. and
ReplyNet LLC, extend the company's commitment to comprehensive network design
and maintenance. Maden Technologies long-term growth strategy is to expand
its scope and business through strategic alliances and acquisitions. Learn
more about Maden Technologies, MCInfo, Inc., and ReplyNet LLC, at:
http://www.madentech.com , http://www.mcinfo.com , and http://www.replynet.com .
About Enlighten Software Solutions, Inc.
Founded in 1986, Enlighten Software Solutions, Inc., is a provider of
single-point workgroup administration and event monitoring solutions for Unix,
Linux, Windows, and FreeBSD within distributed and Internet computing
environments. The company's award-winning EnlightenDSM product suite provides
cost-effective systems administration solutions for Unix,
Linux, Windows, and FreeBSD. The EnlightenDSM product suite provides
comprehensive functionality with unprecedented ease of installation and use.
The EnlightenDSM product suite conforms to industry standard frameworks yet
allows seamless integration with other vendors' point solutions. For more
information, please visit the company's website at
http://www.EnlightenDSM.com.
The statements contained in this press release, other than historical
information, include forward-looking statements and are based on current
expectations and involve risks and uncertainties. Consequently, the
Enlighten's actual results could differ materially from expectations expressed
herein. The various factors that could cause Enlighten's actual results to
differ include, but are not limited to, failure of Enlighten to obtain any
funding from Maden Technologies and Enlighten's inability to operate until
funding conditions have been satisfied and other risks detailed from time to
time in Enlighten's SEC filings.
Enlighten is a registered trademark and EnlightenDSM is a trademark of
Enlighten Software Solutions, Inc. All other products and company names may be
registered trademarks or trademarks of their respective owners.
SOURCE Enlighten Software Solutions
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Related links:
http://www.EnlightenDSM.com
CONTACT:
Steve Giusti, CFO of Enlighten Software
Solutions, Inc., 650-578-0700, ext. 215, Jodi Gershoni of Maden
Technologies, 703-548-5553, ext. 204, email, jodi@prfirm.com,
General Info., Lisa Horn Chainey, Investors, Karen Keating, or
Media, Dawn Swidorski, 415-986-1591, all of The Financial
Relations Board
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