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1992-05-21
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FOR IMMEDIATE RELEASE
Contact: Joe Waldygo
Director of Marketing & PR
Voice: 602/690-3215
FAX: 602/293-8065
ARTISOFT AND PERFORMANCE TECHNOLOGY ANNOUNCE
DISCONTINUATION OF MERGER NEGOTIATIONS
(TUCSON, AZ -- May 21, 1992) -- Artisoft, Inc., the
Tucson-based developer and manufacturer of the award-
winning LANtastic(R) Local Area Network, and
Performance Technology, Inc., the San Antonio-based
developer and manufacturer of award-winning local area
network products, announced today that they have
discontinued negotiations for the acquisition of
Performance Technology by Artisoft in a statutory
merger.
Artisoft and Performance Technology announced in April
of this year, the signing of a letter of intent which
conditioned completion of the acquisition on the
negotiation of a final definitive agreement, and the
approval of the definitive agreement by the board of
directors of both companies and by the shareholders of
Performance Technology. The parties announced today
that they have been unable to arrive at a mutually
acceptable agreement, and that further negotiations
would not be pursued.
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