[thinnews] PR: Neoware Chairman and CEO Files Form 4 and Form 144 with SEC
- From: Jim Kenzig <jimkenz@xxxxxxxxxxxxxx>
- To: thinnews@xxxxxxxxxxxxx
- Date: Tue, 25 Feb 2003 12:12:05 -0500
Neoware Chairman and CEO Files Form 4 and Form 144 with SEC
KING OF PRUSSIA, Pa., Feb. 25, 2003 (PRIMEZONE) -- Neoware Systems,
Inc. (Nasdaq:NWRE), the leading supplier of software, services and
solutions for the Appliance Computing market, announced today that its
Chairman and Chief Executive Officer, Michael Kantrowitz, has filed
Forms 4 and 144 with the SEC to cover the exercise of options and the
sale of stock.
On February 22, 2003, Mr. Kantrowitz exercised options to purchase
120,000 shares of Neoware common stock which were due to expire on
March 3, 2003. To pay for the alternative minimum tax due on this
exercise and taxes due as a result of his exercise of 150,000 options
in 2002, Mr. Kantrowitz sold 100,000 shares of Neoware stock between
February 20 and 24, 2003.
This sale terminates Mr. Kantrowitz's Rule 10b5-1 plan, which was
announced and entered into in December 2002. As of February 22, 2003,
Mr. Kantrowitz has increased his direct ownership in the Company from
155,000 shares to 175,000 shares of Neoware common stock. Mr.
Kantrowitz's total equity interest in the Company, including both
shares and options to purchase shares, is 515,000 shares of the
Company's common stock.
"I am extremely confident about Neoware's future, and have consistently
increased my direct holdings in the Company's common stock over this
past year," stated Mr. Kantrowitz. "Although I believe that the
Company's stock is undervalued given the growth prospects that we see
through 2004, I have sold some of my holdings in order to exercise
options which were about to expire, and to pay the AMT taxes that are
due as a result of exercising 270,000 options in 2002 and 2003."
About Neoware
Neoware provides software, services, and solutions to enable Appliance
Computing, a proven Internet-based computing architecture targeted at
business customers that is designed to be simpler and easier than
traditional PC-based computing. Neoware's software and management tools
power and manage a new generation of smart computing appliances that
utilize the benefits of open, industry-standard technologies to create
new alternatives to personal computers used in business and a wide
variety of proprietary business devices.
Neoware's products are designed to run local applications for specific
vertical markets, plus allow access across a network to multi-user
Windows servers, Linux servers, mainframes, minicomputers, and the
Internet. Computing appliances that run and are managed by Neoware's
software offer the cost benefits of industry-standard hardware and
software, easier installation, and have lower up-front, maintenance,
and administrative costs than proprietary or PC-based alternatives.
More information about Neoware can be found on the Web at
www.neoware.com or via email at invest@xxxxxxxxxxxx Neoware is based in
King of Prussia, PA.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding: our position as the leading supplier of
software, products, services and solutions for the Appliance Computing
market; the benefits of our business model; and the undervaluation of
Neoware's stock in light of its growth prospects through 2004. These
forward-looking statements involve risks and uncertainties. Factors
that could cause actual results to differ materially from those
predicted in any such forward-looking statement include our ability to
continue to lower our costs, our timely development and customers'
acceptance of our Appliance Computing products, pricing pressures,
rapid technological changes in the industry, growth of the Appliance
Computing market, increased competition, our ability to attract and
retain qualified personnel, our ability to identify and successfully
consummate future acquisitions, adverse changes in customer order
patterns, adverse changes in general economic conditions in the U.S.
and internationally, risks associated with foreign operations and
political and economic uncertainties associated with current world
events. These and other risks are detailed from time to time in
Neoware's periodic reports filed with the Securities and Exchange
Commission, including, but not limited to, its report on Form 10-K for
its fiscal year ended June 30, 2002 and Form 10-Q for the quarter ended
December 31, 2002.
Neoware is a registered trademark of Neoware Systems, Inc. All other
names products and services are trademarks or registered trademarks of
their respective holders.
-0-
CONTACT: Neoware Systems, Inc.
Vince Dolan, CFO
(610) 277-8300
invest@xxxxxxxxxxx
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