|By PR Newswire||
|April 1, 2014 09:00 PM EDT||
ALAMOGORDO, N.M., April 1, 2014 /PRNewswire/ -- BANK'34 and its parent corporation Alamogordo Financial Corp. (OTC-QB: ALMG), headquartered in Alamogordo, New Mexico, and Bank 1440 (OTC-QB: BFFO), headquartered in Phoenix, Arizona, jointly announced an amendment of the agreement and plan of merger that was executed in June of 2013.
The new terms of the merger agreement increase the cash that will be paid to Bank 1440 shareholders. The new terms result in fixed consideration for each share of Bank 1440 common stock and preferred stock of 0.17064 shares of Alamogordo Financial Corp. common stock and $0.94 of cash, replacing the previous stock/cash election and proration process.
Under the new terms of merger agreement, a Bank 1440 shareholder owning 1,000 shares of Bank 1440 common stock or preferred stock as of the closing of the merger will be entitled to receive cash in the amount of $940.00 ($0.94 times 1000 shares) and 170 shares of Alamogordo Financial Corp. Common Stock (0.17064 times 1,000 shares). The shareholder would also receive additional cash in lieu of any fractional shares of Alamogordo Financial Corp. common stock.
Based upon Alamogordo Financial Corp's. closing price as of April 1, 2014, the transaction is valued at approximately $3.58 per share of Bank 1440 stock ($0.94 in cash and $2.64 of Alamogordo Financial Corp. common stock), or approximately $8.0 million in the aggregate. This would be an increase in the value per share of $0.30 based upon total deal value of $7.3 million under the previous terms of the merger agreement and also using the closing price as of April 1, 2014.
The increase in the cash consideration of the merger agreement reflects the continued commitment of the Boards of both banks in representing the best interests of their respective shareholders. In order to facilitate the revision of all applicable documents, the parties have also agreed to extend until September 10, 2014, the date by which either party can terminate the merger agreement unilaterally. The merger transaction is expected to close in the second half of 2014, and remains subject to customary closing conditions, including approval by Bank 1440 shareholders and applicable banking regulators.
Statements in this release that are not strictly historical are "forward-looking statements" and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as "will," "expected," "believe," and "prospects," involve risks and uncertainties that could cause actual results to differ materially from those anticipated by statements made herein. These risks and uncertainties involve general economic trends, our ability to complete the proposed acquisition, and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, and market disruptions. Alamogordo Financial Corp., BANK'34 and Bank 1440 undertake no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
CONTACT: Dorothy Valdez, [email protected], 1-575-443-2501
SOURCE Alamogordo Financial Corp.
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Feb. 22, 2017 06:00 AM EST Reads: 1,802
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Feb. 22, 2017 06:00 AM EST Reads: 5,210
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 05:45 AM EST Reads: 1,645
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 22, 2017 04:45 AM EST Reads: 540
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 04:15 AM EST Reads: 204
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Feb. 22, 2017 03:15 AM EST Reads: 5,483
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Feb. 22, 2017 03:00 AM EST Reads: 2,023
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Feb. 22, 2017 02:45 AM EST Reads: 2,004
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 22, 2017 02:00 AM EST Reads: 12,970
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 01:45 AM EST Reads: 6,039
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Feb. 22, 2017 01:30 AM EST Reads: 3,524
Feb. 22, 2017 01:30 AM EST Reads: 4,120
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 01:15 AM EST Reads: 5,519
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Feb. 22, 2017 12:30 AM EST Reads: 5,326
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Feb. 22, 2017 12:30 AM EST Reads: 1,643