Pen Interconnect, tAA, Inc. Combine Offices, Staffs in Anticipation of Merger

Apr 30, 2001, 01:00 ET from Pen Interconnect, Inc.

    SANTA ANA, Calif. and SAN JUAN CAPISTRANO, Calif., April 30 /PRNewswire/
 -- Pen Interconnect, Inc. (OTC Bulletin Board:   PENC) Chairman Stephen Fryer
 today announced that, in anticipation of approval by its shareholders of the
 acquisition of all the outstanding shares of tAA, Inc., also known as The
 Amanda Company, a private company headquartered in San Juan Capistrano,
 Calif., (http://www.taa.com), the two companies have merged operations into
 tAA's offices.  tAA is a leading supplier of call processing software and
 systems for industry-standard PC platforms.
     "This move saves significant money in eliminating double rents, double
 phone bills and other expenditures," said Mr. Fryer.  Pen Interconnect had
 been headquartered in Santa Ana.  "tAA and Pen Interconnect has established an
 interim management team to handle day-to-day operations and financing
 decisions.  We have also agreed to hire one Chief Financial Officer to help
 prepare the companies for the upcoming merger," Mr. Fryer said.
     Mr. Fryer said that the respective Board of Directors of the two companies
 has agreed to an interlocking board, with representatives of both companies,
 to oversee the interim management team and to make joint decisions concerning
 the activities of the two companies.
     "Everything we have done is to increase efficiency, plan for a successful
 future, and keep costs for both companies as low as possible," Mr. Fryer said.
 "We believe these actions significantly increase shareholder value."
     Mr. Fryer said he is pleased with the progress of the audit being
 conducted at tAA, which, when completed, will be included as a proforma
 financial statement in the proxy to Pen Interconnect shareholders asking for
 ratification of the acquisition.
     Amanda, tAA's principal software product, is a client server telephony
 enabled software solution optimized for Microsoft's Windows operating systems.
 Utilizing the worldwide switched public telephone network and both Intranet
 and Internet computer based technologies, Amanda seamlessly integrates the
 computer and the telephone enabling the PC to be the communications medium.
 tAA currently has a network of 550 dealers that resell the tAA line of
 products to the small business market.  The Amanda software product has been
 sold to more than 55,000 small business users.
     In the nearly 13 years since its founding, tAA, a private company
 headquartered in San Juan Capistrano, Calif., has set continual new standards
 in almost every area of voice processing technology and has emerged as the
 dominant company in this highly specialized marketplace.  tAA is the leading
 supplier of call processing software and systems for industry-standard PC
 platforms.
 
     (The statements contained in this news release that are not purely
 historical are forward-looking statements that may involve risks and
 uncertainties.  The Company's actual results may differ significantly from the
 results contained in the forward-looking statements.)
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X47581703
 
 

SOURCE Pen Interconnect, Inc.
    SANTA ANA, Calif. and SAN JUAN CAPISTRANO, Calif., April 30 /PRNewswire/
 -- Pen Interconnect, Inc. (OTC Bulletin Board:   PENC) Chairman Stephen Fryer
 today announced that, in anticipation of approval by its shareholders of the
 acquisition of all the outstanding shares of tAA, Inc., also known as The
 Amanda Company, a private company headquartered in San Juan Capistrano,
 Calif., (http://www.taa.com), the two companies have merged operations into
 tAA's offices.  tAA is a leading supplier of call processing software and
 systems for industry-standard PC platforms.
     "This move saves significant money in eliminating double rents, double
 phone bills and other expenditures," said Mr. Fryer.  Pen Interconnect had
 been headquartered in Santa Ana.  "tAA and Pen Interconnect has established an
 interim management team to handle day-to-day operations and financing
 decisions.  We have also agreed to hire one Chief Financial Officer to help
 prepare the companies for the upcoming merger," Mr. Fryer said.
     Mr. Fryer said that the respective Board of Directors of the two companies
 has agreed to an interlocking board, with representatives of both companies,
 to oversee the interim management team and to make joint decisions concerning
 the activities of the two companies.
     "Everything we have done is to increase efficiency, plan for a successful
 future, and keep costs for both companies as low as possible," Mr. Fryer said.
 "We believe these actions significantly increase shareholder value."
     Mr. Fryer said he is pleased with the progress of the audit being
 conducted at tAA, which, when completed, will be included as a proforma
 financial statement in the proxy to Pen Interconnect shareholders asking for
 ratification of the acquisition.
     Amanda, tAA's principal software product, is a client server telephony
 enabled software solution optimized for Microsoft's Windows operating systems.
 Utilizing the worldwide switched public telephone network and both Intranet
 and Internet computer based technologies, Amanda seamlessly integrates the
 computer and the telephone enabling the PC to be the communications medium.
 tAA currently has a network of 550 dealers that resell the tAA line of
 products to the small business market.  The Amanda software product has been
 sold to more than 55,000 small business users.
     In the nearly 13 years since its founding, tAA, a private company
 headquartered in San Juan Capistrano, Calif., has set continual new standards
 in almost every area of voice processing technology and has emerged as the
 dominant company in this highly specialized marketplace.  tAA is the leading
 supplier of call processing software and systems for industry-standard PC
 platforms.
 
     (The statements contained in this news release that are not purely
 historical are forward-looking statements that may involve risks and
 uncertainties.  The Company's actual results may differ significantly from the
 results contained in the forward-looking statements.)
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X47581703
 
 SOURCE  Pen Interconnect, Inc.