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EXHIBIT 99.1
INVESTOR CONTACT: PRESS CONTACT:
Mark Trinske Bob Maples
Trinske Communications Maples Communications
303/665-7760 949/253-8737
mail@trinske.com bmaples@maples.com
FOR IMMEDIATE RELEASE
SMITH MICRO ACQUIRES STF TECHNOLOGIES, THE #1 MANUFACTURER OF
MACINTOSH COMMUNICATIONS SOFTWARE
ACQUISITION CREATES WORLDWIDE PRESENCE AND "BEST-OF-CLASS" MACINTOSH PRODUCTS
ALISO VIEJO, California--April 13, 1999--Smith Micro Software, Inc. (Nasdaq NMS:
SMSI) today announced that it has acquired STF Technologies, Inc., the leading
manufacturer of communications software for the Macintosh(R). STF Technologies
will now be operated as a wholly owned subsidiary of Smith Micro Software, Inc.
This acquisition establishes Smith Micro as a world leader in the development
and sale of Macintosh communications software and enhances the company's current
position as a leader in overall PC communications software solutions.
Apple bundles STF Technologies' FAXstf(TM) with Apple products and is working
with Smith Micro's STF Technologies Macintosh Division on future product
offerings.
In related news, Smith Micro's STF Technologies Macintosh Division announced it
is developing a Mac(R) "client" software application for Smith Micro's
conexs.com(TM). conexs.com is an Internet service that gives subscribers the
ability to make Internet phone calls, have real-time chat sessions, and even
make video phone calls (if they have a camera), at no additional charge. Smith
Micro's strategic plan for conexs.com is similar in certain ways to that of the
Internet "portals" like Yahoo!(R), Excite(TM), Lycos(R), etc.; that is, develop
an extremely large installed base and then sell upgraded products, on-line
services, and advertising to the conexs.com user base.
"The acquisition of STF Technologies confirms Smith Micro's strong commitment to
focus on the Mac market," said William W. Smith, Jr., President and CEO of Smith
Micro. "We intend to retain the integrity of developing products for the
Macintosh marketplace that historically has been the strength of STF
Technologies. With the addition of Smith Micro's resources, it will allow us to
expand our leadership position in the Mac market such as our commitment to build
a conexs.com Macintosh client. We believe that the synergies created by
combining our two companies will provide certain financial and operational
efficiencies."
"The iMac(TM), PowerBook G3s and new Power Macintosh G3s have inspired
developers to bring out a deluge of new products for Macintosh customers," said
Clent Richardson, Apple's vice president of worldwide developer relations.
"Developers are recognizing that the Macintosh is once again a platform where
companies can innovate and prosper and we believe the combination of Smith Micro
and STF Technologies will result in even more great Mac products, like FAXstf,
moving forward."
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SMITH MICRO ACQUIRES STF TECHNOLOGIES/PAGE 1
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"We are pleased to join the Smith Micro team and broaden our efforts to continue
to develop and support Macintosh software communication products," said W. Rick
Wyand, formerly STF Technologies' President and CEO and now the general manager
of Smith Micro's STF Technologies Macintosh Division. "Teaming STF Technologies'
award-winning FAXstf software with the resources and Internet telephony
experience of Smith Micro creates a bright future for the newly combined
company," said Wyand.
The STF Technologies acquisition immediately increases Smith Micro's revenues,
broadens its customer base, compliments its existing Macintosh product line and
positions the company as a leader in the development of solutions for the
Macintosh Internet telephony market. With the acquisition of STF Technologies,
Smith Micro has a very strong Macintosh team as well as the resources to
implement its plan to support the Macintosh fax market and aggressively develop
and market Internet telephony solutions for Mac users.
Under the terms of the agreement, Smith Micro issued 409,164 shares of common
stock and paid $1.0 million in cash as the purchase price for all of the
outstanding shares of STF Technologies. Smith Micro has agreed to file a Form
S-3 registration statement on such shares within 90 days of the closing. The
transaction will be accounted for as a stock purchase. STF Technologies had
revenues of approximately $2.5 million for its year ended December 31, 1998 with
nominal profit for the year.
Smith Micro is a leading developer and marketer of software products that make
person-to-person communications simple. With a focus on the Internet, broadband
and modem-based technologies, the company designs integrated, easy-to-use
software that enables personal computer users to access fax, data, voice and
video communications around the world. Headquartered in Aliso Viejo, California,
Smith Micro's complete line of products are available through direct sales, and
a worldwide network of retail distributors, value-added resellers (VARs) and
OEMs. The company is publicly traded on the Nasdaq National Market System under
the symbol SMSI. For more information, contact Bruce Quigley at Smith Micro at
949/362-5800 or visit www.smithmicro.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THIS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES. FOR EXAMPLE, THERE ARE RISKS AND UNCERTAINTIES INVOLVED WITH THE
INTEGRATION OF STF TECHNOLOGIES AS A NEWLY ACQUIRED COMPANY INTO SMITH MICRO. IN
ADDITION, AS WITH OTHER SOFTWARE DEVELOPERS AND PUBLISHERS FOR APPLE PRODUCTS,
THE FUTURE PERFORMANCE OF STF TECHNOLOGIES IS DEPENDENT UPON AND SUBJECT TO
RISKS AND CERTAINTIES ASSOCIATED WITH THE COMMERCIAL SUCCESS OF APPLE PRODUCTS
AND ON MAINTAINING A STRONG RELATIONSHIP WITH APPLE COMPUTER AS A SOLE SOURCE
COMPUTER MANUFACTURER OF THE MACINTOSH. AMONG THE OTHER IMPORTANT FACTORS WHICH
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE
FORWARD-LOOKING STATEMENTS ARE ECONOMIC, COMPETITIVE, GOVERNMENTAL AND
TECHNOLOGICAL FACTORS AFFECTING THE COMPANY'S OPERATIONS, MARKETS, PRODUCTS,
SERVICES AND PRICES, AS WELL AS OTHER FACTORS DETAILED IN THE COMPANY'S FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING ITS RECENT FILINGS ON
FORMS 10-K AND 10-Q. SMITH MICRO DISCLAIMS ANY OBLIGATION TO REVISE OR UPDATE
ANY FORWARD-LOOKING STATEMENT THAT MAY BE MADE FROM TIME TO TIME BY IT OR ON ITS
BEHALF.
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SMITH MICRO ACQUIRES STF TECHNOLOGIES/PAGE 2
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Smith Micro, conexs.com, FAXstf, and the Smith Micro logo are registered
trademarks or trademarks of Smith Micro Software, Inc. Apple, Macintosh and Mac
are registered trademarks of Apple Computer, Inc. Yahoo! is a registered
trademark of Yahoo! Inc. Excite is a trademark of Excite, Inc. Lycos is a
registered trademark of Carnegie Mellon University. All other trademarks and
product names are the property of their respective companies.
SMITH MICRO ACQUIRES STF TECHNOLOGIES/PAGE 3