Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.tech,americast.usa-today.tech From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: tech Mon, Oct 26 1992 Date: Mon, 26 Oct 92 04:43:26 EST Message-ID: 10-26 0000 DECISIONLINE: Technology USA TODAY Update Oct. 26, 1992 Source: USA TODAY:Gannett National Information Network SEQUOIA MUST RESTATE AGAIN: Sequoia Systems Inc. Friday said its auditors have told it to restate its results for the financial year ended June 30. The computer maker already has restated fiscal 1992 results twice, most recently Oct. 5. The company's president, chief financial officer and vice president of international sales all have resigned. Sequoia says the decision to restate results was made jointly. SEQUOIA CONTINUES TO SUFFER: Sequoia Systems Inc.'s announcement that it would restate its results for the latest financial year is only one of several self-inflicted blows to the troubled company that has lost three top executives. The Securities and Exchange Commission is investigating its accounting practices. Also, the company has violated a $15 million revolving loan agreement with Bank of Boston. WANG RIVAL'S INJUNCTION LIFTED: Wang Laboratories Inc. said Friday that a federal appeals court has lifted a preliminary injunction against rival Clearpoint Research Corp. The injunction prohibited Clearpoint from making a product that adds memory to personal computers. The court did not rule on the validity of Wang's patent on the SIMM (single in-line memory module). The injunction had been issued Sept. 25. MATTER GOES BACK TO COURT: A federal appeals court has lifted an injunction prohibiting Clearpoint Research Corp. from making, using and selling single in-line memory modules (SIMM). A spokesman for rival Wang Laboratories said Friday that the matter was referred back to the district court for a clearer explanation of why it issued the injunction. Wang filed suit against Clearpoint June 12 over the SIMM. DISNEY ADDS ZING TO COMPUTERS: Walt Disney Computer Software Friday announced the release of its Sound Source with the addition of support for Microsoft's Windows 3.1 and Windows 3.0 with Multimedia Extensions for MS-DOS compatible computers. The Sound Source is a stand-alone, battery-powered sound peripheral that connects to a computer's printer or parallel port and provides voice, music and sound effects. ZENITH TO CUT WORKFORCE: Zenith Electronics Corp. Friday said it plans to cut its salaried workforce in the fourth quarter, but did not give any details. A company spokesman said details would be available this week when quarterly results were reported. John Taylor said the cuts would be company-wide. Zenith employs between 7,000 and 8,000 salaried workers out of a workforce of 25,000 to 26,000. DYNCORP GETS GE CONTRACT: DynCorp's Commercial Aviation Services Group, DynAir, said Friday it has been awarded a contract by General Electric Capital Corporation to assemble, inventory and remarket nine Boeing 727-200s. The aircraft will be disassembled at DynAir's maintenance facility in Amarillo, Texas. Engines and individual parts or shipsets will be repaired or overhauled as necessary. GENENTECH OPENS RESEARCH CENTER: Genentech Friday announced the opening of its Founders Research Center, the world's largest research facility devoted solely to biotechnology. The 275,000-square-foot facility cost $85 million. It was dedicated to Robert Swanson and Herbert Boyer, the founders of Genentech who launched the biotechnology 16 years ago. The facility is in South San Francisco. SHAREHOLDERS PURSUE SYNERCOM: Nine shareholders of Synercom Technology said Friday they have increased their stake to 7% from 4.5% to show their interest in seeking board representation. The group had said in April that it was concerned about the company's having trouble showing a profit. The group wanted two board seats. Synercom has had four losing quarters in a row. Synercom so far has rejected group offers. SUN SHARES UP DESPITE NEWS: Sun late Thursday reported profits in the September quarter, its first of the fiscal year, plunged 82%. The company had warned shareholders that earnings would be down because it was bringing out a new workstation. But earnings were reported to be 5 cents a share instead of an expected 22 cents. Despite the news, investors traded almost 6.9 million shares, bumping stock up 3 3:8 to $32. JOINT INDIAN PROJECT FORMED: Novell Inc. and Onward Technologies Group have announced the formation of a joint venture called Onward Novell Software India Pvt. Ltd. based in Bombay, India. Novell and Onward Technologies each will have a 50% interest in the joint venture. The joint venture will manufacture, provide engineering support for and expand service and channel support for Novell products in India. PLATINUM TO OFFER STOCK: Platinum Software Corp. has announced an initial public offering and trading of common stock on the NASDAQ under the symbol PSQL. The initial public offering price of the 2.5 million shares of common stock is $14 per share. Of the 2.5 million shares of common stock offered, 1.7 million will be sold by the company and 800,000 will be sold by certain company stockholders. Technology Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM