|Moderated By: Zed -- (Not Moderated) -- Started: 12/20/1998 2:00:00 PM Revision History|
GraphOn Corporation, based in Campbell, CA, makes thin client/server software that allows any client to access any server application over any kind of connection. GraphOn's thin client efficient RapidX protocol allows application access over the Web and Internet. This places it into a good position to compete with Citrix (CTXS), whose offerings are not as broad.
Through strategic alliances with Sun Microsystems and IBM, GraphOn's software will be bundled with the companies computer systems and network terminals.
Earlier this month, GraphOn signed a letter of intent to merge with Unity First Acquisition Corporation (OTC:UFAC), a New York-based company, which completed an initial public offering in 1996 with net proceeds of US $6 million. Upon completion of the merger, Unity First would acquire GraphOn in exchange for US $6.79 million shares of Unity First common stock and change its name to GraphOn Corporation. The merger would give GraphOn and Corel stockholders a combined 78 percent interest in Unity First.
In addition, GraphOn is in the process of closing a private placement with proceeds of US $5 million. If certain conditions are satisfied, GraphOn may raise an additional US $ 20 million through the issue of warrants associated with the Unity First initial public offering, which would provide GraphOn up to US $30 million capital.
GraphOn's Web site is at graphon.com
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