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The October meeting of the Upstate Carolina PC Users Group will be held in downtown Greenville so that members can experience the WiFi network installed downtown by Gorilla Networks. The presentation will be made by by Joe Milam of Gorilla Networks. Joe will discuss the setup and operations of the network. The exact location of the meeting has not yet been determined. The meeting will be held on Tuesday October 21, 2003 at 7:30 PM.
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CLEVELAND, Sept. 16 Agilysys, Inc. (Nasdaq: AGYS), formerly Pioneer-Standard Electronics (Nasdaq: PIOS), a leading provider of enterprise computer solutions, announced today that it has signed a definitive agreement to acquire Kyrus Corporation, a privately held company headquartered in Greenville, South Carolina. Kyrus is a leading provider of retail solutions and services nationwide. The purchase price is approximately $31 million, which will be funded by cash. The acquisition is expected to close on or around September 30, 2003, subject to, among other things, the satisfaction of customary closing conditions. (more)
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— Establishes Agilysys as a Leader in the Retail Solutions and Services
Business
— Expected to Increase Annual Revenues by 10%, or $130 Million, and be
Accretive to Fiscal 2004 Earnings
— Purchase Price of $31 Million with Significant Synergies
CLEVELAND, Sept. 16 /PRNewswire-FirstCall/ — Agilysys, Inc.
(Nasdaq: AGYS), formerly Pioneer-Standard Electronics (Nasdaq: PIOS), a
leading provider of enterprise computer solutions, announced today that it has
signed a definitive agreement to acquire Kyrus Corporation, a privately held
company headquartered in Greenville, South Carolina. Kyrus is a leading
provider of retail solutions and services nationwide. The purchase price is
approximately $31 million, which will be funded by cash. The acquisition is
expected to close on or around September 30, 2003, subject to, among other
things, the satisfaction of customary closing conditions.
“This acquisition is another step in the execution of our strategic plan,”
said Arthur Rhein, chairman, president and chief executive officer, Agilysys.
“The Kyrus acquisition opens up a new market, expands our customer base,
increases our service offerings and provides access to additional products.
The addition of Kyrus strengthens our reputation as a leading source of
enterprise computer solutions across a diverse set of industries.”
“Kyrus is pleased to be joining the Agilysys organization,” said Tim
Roberson, chairman, Kyrus. “The significant resources they provide, coupled
with our extensive industry knowledge and expertise, will further enhance the
combined organization’s offerings to the retail market.”
As an IBM(R) Master Distributor and Premier Business Partner, Kyrus is the
leading provider of IBM retail sales solutions, offering hardware and software
products that ensure continuous retail operations. Kyrus also has an extensive
professional services organization with technology consulting, software
customization, staging, implementation, hardware and software maintenance and
24/7 support service capabilities. In addition, Agilysys can now make these
products and services available to its existing partners and customers.
“This combination of one of our Premier IBM Business Partners in the
Retail Industry with one of our largest IBM Enterprise Server, Storage and
Software partners will provide our customers with even stronger solution
offerings and breadth of support,” said Dan Fortin, vice president, Business
Partners, IBM Americas.
“I am very excited by the new opportunities that the combined
organizations will afford our partners and customers,” said Pete Coleman,
executive vice president sales, Agilysys. “They will be able to leverage the
companies’ respective market leadership positions, excellent relationship with
IBM and enhanced product offerings.”
“Kyrus is an excellent opportunity with strategic value for Agilysys,”
said Martin Ellis, executive vice president for corporate development,
Agilysys. “Furthermore, there are significant business and cost synergies,
which means expenses can be reduced as the overall business is built.”
Based on anticipated annual revenues of $130 million coupled with the
synergies between the two organizations, the acquisition is expected to be
accretive to fiscal 2004 earnings per share. Further information on the
contribution of Kyrus to fiscal 2004 earnings will be provided after the close
of the transaction. Agilysys will assume or retire all of Kyrus’ existing debt
of approximately $20 million. Under the terms of the agreement, $2.5 million
will be held in escrow.
Conference Call Information
Agilysys will host an investor conference call on Tuesday, September 16,
at 11:30 A.M., Eastern Time. To participate, dial 412-858-4600 and ask for the
Agilysys call. The call will also be broadcast live, via the Internet, and
will be accessible on the investor relations page of Agilysys’ Web
site: http://www.agilysys.com . You may also listen to a taped replay of the
conference call by dialing 877-344-7529 or 412-858-1440 (account #622 for
conference call #327114) beginning at 1:30 P.M., ET, Tuesday, September 16,
2003, until midnight ET, Wednesday, September 24, 2003.
About Kyrus Corporation
Kyrus is a leading provider of retail solutions and services nationwide.
The Company offers a wide range of services and solutions nationwide across
four major market segments: supermarket, chain drug, general retail and
hospitality. Kyrus provides technology consulting, software development,
staging, implementation, and a 24-hour Support Center. Kyrus is an IBM Premier
Business Partner and Solution Provider. To learn more about Kyrus visit the
company’s website at http://www.kyrus.com .
About Agilysys, Inc.
Agilysys, Inc. is one of the foremost distributors and premier resellers
of enterprise computer technology solutions from HP, IBM and Oracle, as well
as other leading manufacturers. The Company has a proven track record of
delivering complex servers, software, storage and services to resellers and
corporate customers across a diverse set of industries. Headquartered in
Cleveland, Ohio, Agilysys has sales offices throughout the U.S. and Canada.
For more information, visit the Company’s website at http://www.agilysys.com .
Forward-Looking Language
Portions of this release, particularly the statements made by management
and those that are not historical facts, are forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties and are
subject to important factors that could cause Agilysys’ actual results to
differ materially from those anticipated by the forward-looking statements.
These factors include those referenced in the Annual Report on Form 10-K or as
may be described from time to time in Agilysys’ subsequent SEC filings.
Potential factors that could cause actual results to differ materially
from those expressed or implied by such statements include, but are not
limited to, those relating to Agilysys’ anticipated revenue gains, margin
improvements, cost savings and new product introductions.
Other associated risks include geographic factors, political and economic
risks, the actions of Agilysys and Kyrus competitors, changes in economic or
industry conditions or in the markets served by Agilysys and Kyrus and the
ability to complete and appropriately integrate the Kyrus acquisition as well
as other acquisitions, strategic alliances and joint ventures.
Information on the potential factors that could affect Agilysys’ actual
results of operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report on Form
10-K for the fiscal year ended March 31, 2003. Interested persons will be able
to obtain it free at the Securities and Exchange Commission’s website, which
is located at http://www.sec.gov .
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