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Article #484 (635 is last):
From: aa700@cleveland.Freenet.Edu (Michael Current)
Newsgroups: freenet.sci.comp.atari.news
Subject: Jts Corporation and Atari Corporation Announce Stockholder
Posted-By: xx004 (aa700 - Michael Current)
Date: Sat Nov 16 18:25:02 1996

Approval and Closing of Merger
Reply-To: aa700@cleveland.Freenet.Edu (Michael Current)
Organization: Case Western Reserve University, Cleveland, OH (USA)

Wednesday July 31 9:30 AM EDT

Jts Corporation and Atari Corporation Announce Stockholder Approval and
Closing of Merger

SAN JOSE, Calif., July 31 /PRNewswire/ -- JTS Corporation (ASE: JTS) and
Atari Corporation (formerly American Stock Exchange: ATC) announced today
that they each received stockholder approval of their proposal to merge the
two companies. JTS and Atari have filed Certificates of Merger with
authorities in Delaware and Nevada and the merger closed today. JTS
Corporation will be the surviving entity in the merger, and the combined
organization will be based in San Jose, California. The JTS Common Stock
will commence trading on the American Stock Exchange under the symbol "JTS"
on July 31, 1996. The Atari Common Stock was delisted from the American
Stock Exchange following trading on July 30, 1996.

Upon closing of the merger, each outstanding share of Atari Common Stock was
exchanged for one share of JTS Common Stock. JTS exchanged approximately
63,850,000 shares of its Common Stock for all of the outstanding stock of
Atari and JTS has 103,415,517 million shares outstanding following the
merger. The merger is intended to qualify as a tax-free reorganization for
Federal Income Tax purposes.

"This merger is another step toward our goal of becoming a leading
international supplier of hard disk drives in the rapidly growing hard disk
drive market," said David T. Mitchell, Chief Executive Officer and President
of JTS. JTS designs, develops, manufacturers and markets hard disk drives
for use in notebook computers and desktop personal computers. The Company
recently introduced its new 3-inch Nordic product for notebook computers.

"We are pleased to be a part of JTS Corporation, the disk drive market is
growing rapidly and we continue to be excited about the prospects of the
3-inch Nordic disk drive," said Jack Tramiel, former Chairman of Atari.

JTS is headquartered in San Jose, California and has its disk drive
manufacturing facility in Madras, India. JTS' Atari Division licenses and
markets software in the multi-platform, multimedia market. JTS employs 4300
people worldwide.

----------------------------------------------------------------------------
-- 
Michael Current, 8-Bit Atari FAQ & Vendor/Developer Lists maintainer
   User groups: CAIN, SPACE, NWPAC / mailto:mcurrent@carleton.edu





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