| Nexar Technologies, Inc. | |||
| Ticker: | NEXR | 182 Turnpike Road | |
| Exchange: | NASDAQ-National Market | Westborough, MA 01581 | |
| Industry: | Manufacturing (SIC Code 3571) | (508) 836-8700 | |
| Type of Shares: | Common Shares | Filing Date: | 12/20/96 | |
| U.S. Shares: | 2,500,000 | Offer Date: | 4/8/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 2,500,000 | Offer Price: | $9.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.72 | |
| Offering Amount: | $30,000,000 | Selling: | $0.40 | |
| Expenses: | $1,000,000 | Reallowance: | $0.00 | |
| Shares Out After: | 9,200,000 | |||
| Spin out parent firm: | Palomar Medical Technologies, Inc. | |||
| Manager | Tier | Phone |
| Sands Brothers & Co., Ltd. | Lead Manager | (212) 697-5200 |
| Issuer's Law Firm: | Choate, Hall & Stewart |
| Bank's Law Firm: | Littman & Krooks |
| Auditor: | Arthur Andersen |
| Registrar/Transfer Agent: | First National Bank of Boston |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/96 | |||
| Revenue: | $0.62 | $11.34 | Assets: | $20.18 | |
| Net Income: | -$2.26 | -$2.98 | Curr Assets: | ||
| EPS: | -$0.35 | Liabilities: | $25.43 | ||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | -$5.24 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company develops, manufactures and markets high-performance, competitively-priced desktop personal computers based on patent-pending technologies. Unlike conventional PCs, NEXAR systems permit an end-user to 1) purchase a custom-configured PC on demand, and 2) easily upgrade or switch important components of the PC to accommodate emerging and future technologies resulting in a significant extension of the computer's useful life. NEXAR sells a high-performance system platform, which is typically shipped to resellers fully configured, except for the key system defining components (microprocessor, memory and hard drive). The company's current PCs are based on an industry-standard, open architecture design, co-engineered by HCL Hewlett Packard Ltd., which allows the central processing unit, random access memory, and cache memory to be replaced by end-users without technical assistance and without opening the entire chassis. |
| Competition |
| The desktop PC industry is intensely competitive and may become more so as the result of, among other things, the introduction of new competitors and possibly weakening demand. The company currently competes in the desktop PC market principally with Acer, Apple Computer, Compaq Computer, Dell Computer, Gateway 2000, Hewlett-Packard, IBM and Packard Bell NEC. In addition, the company plans to compete in the network server market by late 1997 with established companies such as ALR, Compaq, Dell, Hewlett-Packard and IBM. |
| Business Plan |
| The company's objective is to claim a significant share of the desktop PC market by offering open-architecture PCs incorporating technology which enables end-users in an easy and cost effective manner to upgrade and transition to the new and varied CPU platforms of different manufacturers in accordance with expected roadmaps of fundamental and leading-edge PC technology. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for repayment of indebtedness to related parties and general corporate purposes including working capital, product development and capital expenditures. |