Tarantella (NASDAQ:TTLAC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Tarantella Charts. Click Here for more Tarantella Charts.](/p.php?pid=staticchart&s=N%5ETTLAC&p=8&t=15)
Tarantella Board Appoints New CEO
Additional Investment Also Received
SANTA CRUZ, Calif., Dec. 11 /PRNewswire-FirstCall/ -- Tarantella, Inc. , a
leading supplier of secure application access software, today announced that its
Board of Directors has appointed Frank Wilde as Chief Executive Officer,
President and Director of the Company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010504/TTLALOGO )
Mr. Wilde succeeds Doug Michels, who will become a strategic advisor to the
Company, focusing initially on merger and acquisition opportunities. Mr. Michels
will also continue as a Director of Tarantella. Mr. Wilde has a solid track
record of successfully leading high technology growth companies and was
previously CEO of Ravisent Technologies Inc., a Deloitte Fast 50 company.
Doug Michels stated, "I am pleased we were able to attract a CEO of the caliber
of Frank Wilde to lead Tarantella forward. With additional funding and expanded
emphasis on customer growth, I believe that 2004 will be a defining year for the
Company."
Frank Wilde, Tarantella's new CEO, stated, "I am very excited about the
opportunity to lead this excellent company and believe that Tarantella's
competitive product portfolio, world-class customer base, efficient worldwide
distribution channels and exceptional team are all factors that will enable us
to realize the value of the investments that have been made in Tarantella over
the last several years."
The board has also approved the request by several senior executives including
Frank Wilde, Doug Michels and Alok Mohan to receive a substantial portion of
their calendar year 2004 compensation in the form of restricted stock in lieu of
cash.
Investment Details
Tarantella also announced that it has signed definitive agreements for a private
placement of common stock and warrants to investors, including Special
Situations Technology Funds, who are expanding on their previous investment,
Frank Wilde's private investment group, and an additional private investor,
resulting in gross proceeds to the Company of approximately $2,750,000.
In the private placement, the investors purchased 2,750,000 shares of Tarantella
common stock at a price of $1.00 per share. The investors also acquired
warrants to purchase up to an additional 550,000 shares at an exercise price of
$1.39 per share. The warrants are exercisable for five years. The Company also
has agreed to register the shares of common stock issued to the investors as
well as the shares issuable upon exercise of the warrants for resale once the
Company has complied with its reporting obligations under the Securities
Exchange Act of 1934, as amended.
In connection with the investment, the Company also amended its existing
shareholder rights plan such that Special Situations shall be permitted to
acquire up to 30% beneficial ownership of the outstanding stock of the Company
without triggering the Company's shareholder rights plan, provided that for
purposes of determining Special Situations' beneficial ownership, neither the
warrants nor any future exercises of warrants will be considered.
For Tarantella Investors:
This press release contains forward-looking statements. These forward-looking
statements may be identified by use of terms such as anticipates, believes,
continue, could, estimates, expects, intends, may, plans, potential, predicts,
should or will, or the negative of those terms or similar expressions. These
forward-looking statements are subject to significant risks and uncertainties.
Actual results may differ materially from those described in such statements as
a result of these risks and uncertainties. In particular, the forward looking
statements include statements about the development of the Company's business,
an expanding emphasis on customer growth, realizing value from past investments,
and the upcoming year being pivotal for the Company. Investors are cautioned
that all forward-looking statements involve risks and uncertainty, including
without limitation, the ability to manage the investment proceeds, the ability
to complete the registration of the shares and warrant shares, and other risks
detailed from time to time in Tarantella's SEC filings, including forms 10-Q and
10-K. Tarantella disclaims any intention or obligation to publicly update or
revise any forward-looking statements, whether as a result of events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
About Tarantella, Inc.
Tarantella, Inc. is a leading provider of purpose-built application access and
deployment software to nearly 12,000 customer sites worldwide. Tarantella
enables organizations to access and manage information, data and applications
across all platforms, networks and devices. Tarantella bridges the gap between
vendors, ensuring that customers have complete access to business-critical
information. Using Tarantella's software, customers realize the benefits of
secure corporate data, maximizing return on existing IT assets and improved
productivity. The company markets its products through key industry
partnerships and a worldwide network of consultants and resellers. Tarantella is
headquartered in Santa Cruz, Calif. For more information, please visit the
Tarantella web site at http://www.tarantella.com/ .
NOTE: Tarantella, Tarantella Enterprise 3, Canaveral iQ, New Moon Systems and
the Tarantella logo are trademarks or registered trademarks of Tarantella, Inc.,
in the USA and other countries. All other brand and product names are or may be
trademarks of, and are used to identify products or services of their respective
owners.
http://www.newscom.com/cgi-bin/prnh/20010504/TTLALOGO
http://photoarchive.ap.org/
DATASOURCE: Tarantella, Inc.
CONTACT: Randy Bresee, +1-831-427-7261, or , or
Lynn Schroeder, +1-831-427-7399, or , both of Tarantella,
Inc.
Web site: http://www.tarantella.com/