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Archer Systems Selects New CEO and Terminates ComLinx Merger
Updated: Wednesday, March 21, 2001 09:24 AM ET
ISELIN, NJ--(BUSINESS WIRE)--March 21, 2001--Archer Systems Ltd., Inc (OTCBB: ARYN) today announced the selection of Peter Rona as the company's new CEO and the termination of its proposed merger with ComLinx, Inc.
Peter Rona joins Archer's management team with over 25 years of experience as a "professional CEO." In 1985, he founded Networks North, Inc., a NASDAQ public company where he served as its President and CEO until last year. Over the past fifteen years, he guided Networks to becoming a profitable public company. He was also responsible for initiating, negotiating and closing a number of successful acquisitions and strategic relationships on behalf of the company, which led to significant increase in shareholder value. Before Networks, Mr. Rona founded and operated Cygnet, a private computer time sharing company, as well as having held executive positions with numerous other distinguished companies.
"I plan to help redefine our business model to focus on opportunities that can provide a solid foundation for growth and value for our shareholders," said Rona.
Richard Margulies, President of Archer stated, "We have selected Rona because of his unique brand of leadership abilities and talents for motivating management, as well as his vision for creating value for shareholders."
Archer also announced that it has withdrawn from its previously proposed merger with ComLinx, Inc., a New Jersey based private company. The proposed merger agreement between General Acquisition, Inc., a wholly owned subsidiary of Archer and Comlinx, dated November 8, 2000, was subject to certain economic and corporate conditions before the merger was to become effective. The conditions were not met and Archer elected to terminate the agreement. Other factors effecting Archer's decision included the current state of the stock market climate.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of' 1995, Forward-looking statements involve known ad unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including those identified below, could adversely affect the Company's ability to obtain these results: Certain of these risks are described in the Company's filings with the Securities and Exchange Commission (SEC). Copies of the Company's SEC filings are available from the SEC or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein which speaks only as of this date.
CONTACT: INVESTOR RELATIONS
RTS Investor Relations
Richard T. Sullivan, President
Archer Systems Ltd., Inc.
Richard J. Margulies, President