Forecross Corporation
Amends Stock Options
April 07, 1998
Contact: Pat Dittmar (Pat@forecross.com)
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| SAN FRANCISCO, CA: Forecross® Corporation
(VSE-FRX.U), a leading legacy Migration and year 2000 solution company, announced today
that the Board of Directors has resolved to amend the exercise price of certain
outstanding incentive stock options granted to employees of Forecross on August 22, 1997,
and on September 29, 1997, by reducing the exercise price per share from US$15.35 or
US$19.00, as the case may be, to an exercise at US$11.15 per share (representing the
average closing price for the 10 days preceding the date of the amendment as reported in
the Vancouver Stock Exchange). The purpose of the amendment is
to ensure that incentive stock options continue to attract and retain the most qualified
employees for Forecross in a competitive labor market. The amended stock options are
subject to the approval of the Vancouver Stock Exchange.
Founded in 1982 as a high-technology software development
laboratory, Forecross Corporation is dedicated to the design and development of innovative
conversion software. Clients have included such leading corporations as IBM Corporation,
Aetna Life Insurance Company, Brown Brothers Harriman & Company, Charles Schwab &
Co., BDM Technologies, Inc., and Bank of America NTSA for its Migration software services.
Teaming partners include TRW, Inc. (BDM International), CIBER, Inc., NCR Corporation, SCB
Computer Technology, Inc., and Electronic Data Systems Corporation (EDS) for its Complete/2000TM
offerings. |
On Behalf of the Board of Directors,
Bernadette C Castello
Senior Vice President and CFO
Forecross Corporation |
Except for historical information contained herein,
the matters set forth in this release are forward-looking statements that are dependent on
certain risks and uncertainties, including such factors, among others, as market
acceptance, market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the company’s
accounting policies and other risk factors detailed in the Company’s SEC and BCSC
filings.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release, which has been prepared
by the Company. |
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