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Mcglen Internet Group Inc

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BUSINESS
August 15, 2000
The Tustin e-commerce company reported a second-quarter net loss of $1.6 million, or 5 cents a share, contrasted with profit of $44,000 for the 1999 second quarter. Revenue rose 28% to $8.2 million.
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BUSINESS
April 17, 2001
Mcglen Internet Group Inc. said Monday that following its pending merger with Lan Plus Corp., it will change the corporate name to Northgate, the name of a mail order personal computer reseller that Lan Plus bought in 1997. Mcglen, a Tustin specialty technology company, said the Northgate name is "well branded," especially in cable television shopping networks, mail order catalog companies and large chain stores like J.C. Penney Co. Inc.
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BUSINESS
December 7, 2000
Mcglen Internet Group Inc. said it has entered an interim operating agreement with Lan Plus Corp. to cut costs before the pending merger of the companies, which was announced in October. Mcglen, a Tustin Internet electronic commerce company, said the companies will, to varying degrees, share such functions as purchasing, credit card processing, marketing and customer call center operations. Certain facilities also will be consolidated.
BUSINESS
March 30, 2001
The Tustin electronic commerce company reported a net loss for the year of $5.7 million, or 18 cents a share, compared with a net loss of $3.5 million, or 11 cents a share, for the previous year. Sales increased 9% to $30.1 million.
BUSINESS
September 21, 2000
Mcglen Internet Group Inc., a Tustin e-commerce company, said it has hired Josephthal & Co. Inc. as its financial and investment banking advisor. Josephthal will advise the company on such matters as financing strategies and mergers and acquisitions, Mcglen said. In return, Josephthal will receive warrants to purchase shares of Mcglen's common stock as well as consulting fees, the company added.
BUSINESS
April 27, 2000 | Dow Jones
Mcglen Internet Group Inc., a Tustin e-commerce Internet company, said Wednesday that it has sold $24 million in stock in a private placement. The company said in a press release that an institutional investor has committed to buying the shares over the next 12 months. It did not disclose the name of the investor. Proceeds from the financing will be used to support the development of the company's business-to-business and electronic storefronts.
BUSINESS
October 25, 2000
Mcglen Internet Group Inc., a Tustin Internet electronic commerce company, said Tuesday it has raised $1 million in a private sale of 1.33 million shares from a previously announced founder's pool of stock. Mcglen said in a news release that using stock from the pool of 10 million shares does not result in any dilution to shareholders. Lan Plus Corp., which recently agreed to merge with Mcglen, provided $500,000 of the investment.
BUSINESS
March 23, 2001 | Dow Jones
Mcglen Internet Group Inc., a Tustin specialty technology company, said Thursday that it has amended its merger agreement with Lan Plus Corp., removing performance conditions outlined in the original agreement. Mcglen said in a press release that according to Lan Plus management, Mcglen has already met all performance conditions. The companies signed the original agreement Oct. 12.
BUSINESS
February 15, 2001 | Dow Jones
Mcglen Internet Group Inc., a Tustin specialty technology company, was granted its request for a hearing before the Nasdaq listing qualifications panel in its effort to remain on the Nasdaq SmallCap Market. The hearing is scheduled for March 16. The company requested the hearing last week after receiving notification that it didn't meet minimum bid requirements and that it failed to hold an annual shareholder meeting last year and to provide proxy materials to its shareholders.
BUSINESS
February 9, 2001 | Dow Jones
Mcglen Internet Group Inc., a Tustin specialty technology company, said Thursday that its stock may be removed from Nasdaq and that it has requested an oral hearing before a Nasdaq National Market panel to halt the delisting. The company said in a press release that it has been notified that it didn't meet minimum bid price requirements for continued listing on the Nasdaq SmallCap market.
BUSINESS
January 26, 2001 | Dow Jones
Mcglen Internet Group Inc., a Tustin specialty technology company, said Thursday that it expects revenue for the fourth quarter to be about $5.6 million, up slightly from third-quarter revenue of $5.5 million. In a press release, the company said it expects to report annual revenue of about $31 million for last year.
BUSINESS
January 19, 2001
McGlen Internet Group Inc.'s chief executive, George Lee, has resigned, the Tustin company said Thursday. Mike Chen, the company's president and one of its founders, will be interim CEO until the company's pending merger with Lan Plus Corp. is completed. McGlen agreed in October to merge with Lan Plus and said Lan Plus founder and President Andy Teng would become CEO and chairman of the combined company after the deal closes. Lan Plus makes computers and turnkey computer products.
BUSINESS
December 7, 2000
Mcglen Internet Group Inc. said it has entered an interim operating agreement with Lan Plus Corp. to cut costs before the pending merger of the companies, which was announced in October. Mcglen, a Tustin Internet electronic commerce company, said the companies will, to varying degrees, share such functions as purchasing, credit card processing, marketing and customer call center operations. Certain facilities also will be consolidated.
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