has agreed, prior to the closing of the Exchange, to effect a 1 for 4 shares reverse split of its estimated 12,000,000 issued and outstanding common stock shares resulting in 3,000,000 post-split common stock shares issued and outstanding in CASX
just prior to the closing of the Exchange.
Mike Cherry, president and CEO of CASX
, stated: "We have spent considerable time reviewing potential business combinations.
We have completed a thorough review of how best to address this significant opportunity and are working with several groups to fund this expansion, which we expect to cost less than $2,000,000," said Cherry, who concluded by observing that CASX
hoped to be in full production in late 2001.
Mike Cherry, president and CEO of Computer Automation, declined to speculate on the potential value of the agreement but stressed that its importance to the company was that it gave CASX
the right to develop OEM products based on Western's ACE-10(TM) line.
in-house Engineering Department gives the company a distinct advantage over its competitors with its ability to cater to the specialized needs of its customers.