In addition to the liquidation of Mega, MGGA has initiated an overall corporate restructuring program.
Due to the recent plan of restructuring, MGGA will be rescheduling the previously announced Special Stockholder's meeting, which was to be held on Monday, April 9, 2001.
Fortunately, MGGA already had in place effective mechanisms to identify member needs.
Research conducted by MGGA and our state university showed that most farmers in the state were typically selling their product in the lower half of the market and leaving nearly $100 million on the table from missed marketing opportunities.
Thomas Embrogno, President and COO of MGGA, stated: "This conversion could not come at a better time.
In addition, MGGA has withdrawn a previous S-8 filing, whereby shares of common stock issued to a consultant and several officers were registered for resale.
Since 1991, MGGA has provided computer components, software and custom-built systems to corporate customers and to businesses serving business.
By leveraging the experience in hardware integration and networking services along with resources provided to MGGA via its relationship with companies such as EDS, Datamax, OTG and Plasmon, MGGA provides an advanced and tightly integrated business process automation solution.
I believe it is in the best interest of stockholders that we retain key management, directors and employees in order to further our ability to effectively provide business-process automation solutions," said Thomas Embrogno, president and chief operating officer of MGGA.
By leveraging the experience in hardware sales and networking services along with resources provided to the company via its relationship with companies such as EDS, Datamax, NEC and EMC2, MGGA provides an advanced and tightly integrated business-process automation solution.
As part of the merger, MGGA will assume the reporting obligations of TPG, by electing successor issuer status under the Exchange Act.
As a result of the merger and election of Successor Issuer Status, MGGA is now subject to SEC reporting requirements.