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© 1997-2006
Gareth Knight
All Rights reserved

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Tulip Computers has reached agreement with the receivers regarding the take-over of the failed Commodore (excluding the chain of shops).

PRESS RELEASE

's-Hertogenbosch, 16 September 1997

Tulip Computers has reached agreement with the receivers regarding the take-over of the failed Commodore (excluding the chain of shops).

In acquiring the Commodore brand name, Tulip Computers thus gains access to the world-wide consumer market. Tulip Computers and Commodore will have separate commercial operations in the market. Both organizations will retain their own brand name and identity by clear differentiation in terms of both products and distribution channels. Tulip Computers will continue to concentrate on the professional market through its own sales and marketing organization. In contrast, Commodore will for the time being focus on the European consumer market (SoHo market: Small office, Home office) and company schemes for private purchase of PC's by their staff; this will be achieved by sales of its products through chain store outlets and corporate chains.

Strategic motivation

Commodore products will be manufactured exclusively in the Tulip Computers factory in 's-Hertogenbosch.

The increase in scale will enable gains through synergy to be achieved in various areas. Firstly, there will be a significant increase in purchasing power, which will give the company a stronger negotiating position towards suppliers. This will lead to better purchasing conditions. In addition, the integration of Commodore in the Tulip organization will enable the ultra-modern Tulip Computers factory, opened in 's-Hertogenbosch in early 1997, to be utilized to much higher capacity.

By making use of the international sales offices of Tulip Computers, it will be possible to accelerate the international expansion of Commodore and to improve service to the customer as a result of centralization.

The result of all of these measures will be that considerable savings can be made in production, sales and logistics costs and overheads.

In the short term the take-over will result in dozens of new jobs at Tulip Computers in 's-Hertogenbosch. In the longer term over 150 new jobs are expected to be created.

Capital reinforcement

To finance this transaction and to reinforce the shareholders' equity of Tulip Computers, the shareholders' equity will be extended by NLG 21.5 million by the issue of 1,850,000 new Tulip Computers N.V. shares at a nominal price of NLG 0.50. As a result of this expansion of the share capital, the total number of outstanding shares will be some 6,500,000. These new shares will be placed with various parties, with which agreement has already been reached. The guarantee capital will moreover be increased by NLG 25 million by means of an AA loan granted by De Nationale Investeringsbank N.V.

The Board

For further information please contact:
Tulip Computers
Attn.: Marketing Communications
PO box 3333
5203 DH 's-Hertogenbosch
The Netherlands
Tel: +31 (0)73-6405333
Fax: +31 (0)73-6405800
To find more about Tulip products visit them at Tulip.Com

 

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