MangoSoft Corp, the PC networking company, has agreed to be acquired by First American Clock Co in order to gain a public listing. First American Clock is a company with no business operations or assets, but which trades over the counter under the initials FACL. The acquisition depends on the company being able to raise $3.75m in a private offering. FACL will change its corporate name, issue a controlling block of common stock to the MangoSoft shareholders, stage a 2.06 to 1 forward stock split and appoint a new board of directors designated by MangoSoft.
Westborough, Massachusetts-based MangoSoft launched its first low cost networking product aimed at small businesses back in 1997. Its latest version is Medley99, now available through reseller channels for PC servers. The product enables networked sharing of files, web content and applications, clustered cacheing for load balancing, fault-tolerance and scalability, web cacheing across workgroups, and multiple access to the internet from a single phone line. Around $35m has been invested in the company to date, and it has 46 employees.
FACL was originally incorporated in Salt Lake City in 1995 to buy antique, museum quality clocks and timepieces, principally from private collectors, for resale. But the business was not successful, because the company didn’t manage to resell the goods it acquired. That business has now been discontinued, and in May FACL declared itself still a development stage company, and gave itself one year to find an acquisition or business venture in which to get involved.
