Apple to Acquire Power Computing for $100M
CUPERTINO, Calif.--Sept. 2, 1997--Apple Computer, Inc. announced today that
it will acquire Power Computing Corporation's core assets in a deal valued
at $100 million in Apple common stock. Included in the key assets Apple
will acquire are the right to retain key employees with expertise in direct
marketing, distribution, and engineering; Power Computing's customer
database; and the license to distribute the Mac OS operating system.
"Power Computing has pioneered direct marketing and sales in the Macintosh
market, successfully building a $400M business, " said Steve Jobs, Apple
Board member. "We look forward to learning from their experience, and
welcoming their customers back into the Apple family."
"Power Computing is grateful for the tremendous support and encouragement
we have received from the entire Macintosh community," said Stephen Kahng,
Power Computing founder and CEO. "We believe that in our small way, we have
helped to make the Macintosh stronger, and that the spirit of Power will
live on."
Power Computing will retain the Power Computing name and has stated it will
sell Mac OS compatible computers through Dec. 31, 1997. Apple will provide
ongoing Mac OS support to Power Computing customers and Power Computing
will continue to provide hardware and warranty service to its customers.
Katie Cotton
Apple Computer, Inc.
(408) 974-7269
email: katiec@apple.com
Russell Brady
Apple Computer, Inc.
(408) 974-6877
email: brady2@apple.com
Michael Rosenfelt
Power Computing
(512) 388-6705
email: miker@powercc.com
Apple, the Apple logo, Macintosh, and Mac OS are registered trademarks of
Apple Computer, Inc. Additional company and product names may be trademarks
or registered trademarks of the individual companies and are respectfully
acknowledged
