I thought Jack and Dennis got smart and killed that turkey???
HTE To Terminate Its Stock Offering
October 15, 1998 11:00 AM
LAKE MARY, Fla., Oct. 15 /PRNewswire/ -- HTE, Inc. HTEI ("HTEI") and certain of its shareholders on September 18, 1998 had filed a registration statement with the SEC offering up to 5,137,100 shares of its common stock in an underwritten public offering. Due to general market conditions in the stock market, HTE has decided not to proceed with the offering as filed with the SEC. HTE will terminate its offering of 1,500,002 shares in the registration statement and not sell any shares in the offering. However, the Company intends to amend the registration statement to a "shelf registration" to permit the shareholders offering shares in such shelf registration to periodically sell those shares in the future at share prices they determine acceptable, some of which prices may be substantially higher than the current market prices for HTE's stock. Under registration rights agreements with some of those shareholders, the Company is obligated to file a registration statement for the Company's common stock they received in connection with certain transactions or recent acquisitions.
HTE, Inc. develops, markets, implements and supports fully integrated enterprise-wide software applications designed specifically for public sector organizations and utilities. With more than 1,600 customers worldwide, HTE, Inc. is an industry leading software solutions provider. The Company's customers include cities, counties, corrections, justice and public safety agencies, public and private utilities, school districts, transit authorities, and other public-sector agencies.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties detailed in HTE's filings with the Securities and Exchange Commission, including risks summarized in HTE's Annual Report on Form 10-K for its fiscal year ended December 31, 1997 (file No. 0-22657). For more information on HTE's products and services, call (407) 304-3235 or toll free at (800) 727-8088, or visit HTE's web site at www.hteinc.com.