Palm Computing, Inc. Files Registration Statement for Initial Public Offering
SANTA CLARA, Calif. — December 13, 1999 — 3Com Corporation (Nasdaq: COMS) today announced that a registration statement has been filed with the Securities and Exchange Commission (SEC) for the initial public offering of the common stock of its wholly-owned subsidiary, Palm Computing, Inc. In connection with the IPO, Palm Computing, Inc. intends to change its name to Palm, Inc.
Goldman, Sachs & Co. and Morgan Stanley Dean Witter are co-lead managers for the offering. Other managers for the offering are Merrill Lynch & Co. and Robertson Stephens.
The public offering will be made only by means of a prospectus, which, when available, may be obtained by writing to or calling the underwriters:
Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
(212) 902-1000
Morgan Stanley Dean Witter
1585 Broadway
New York, NY 10036
(212) 761-4000
Merrill Lynch & Co.
Attn: Prospectus Department
250 Vesey Street
New York, NY 10281
(212) 449-1000
Robertson Stephens
555 California St. 26th floor
San Francisco, CA 94104
(415) 781-9700
On September 13, 1999, 3Com announced its intent to conduct an IPO for less than 20% of Palm shares early in calendar 2000. 3Com also intends to subsequently distribute the balance of the shares of Palm to 3Com shareholders approximately six months following the IPO, subject to receiving a favorable tax ruling and board approval as well as market conditions.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy. There will not be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
About Palm
Palm Computing, Inc., a 3Com Company, is the leading global provider of handheld computing devices. Palm develops, designs and markets Palm-branded handheld devices, which currently include the award-winning Palm III, Palm V and Internet-enabled Palm VII product families. According to International Data Corporation, in 1998 Palm had a 68% market share of the worldwide personal companion handheld device market, which consists of small, pocket-sized devices that feature pen-based input and synchronize with a personal computer. The Palm platform is the cornerstone of Palm's success and has been licensed by several strategic partners, including Nokia and Sony.
About 3Com Corporation
With over 300 million customer connections worldwide, 3Com Corporation connects more people and organizations to information and each other in more innovative, simple and reliable ways than any other networking company. 3Com delivers e-Networking solutions through information access products and network systems to enterprises, small businesses, consumers, carriers and network service providers. 3Com — More connected.(TM). For further information, visit 3Com's World Wide Web site at www.3com.com or the press site at www.3com.com/pressbox.
CONTACT:
3Com Corp.
Brian D. Johnson, 408/326-1962 (Public Relations) brian_d_johnson@3com.com
or
Shirley Stacy, 408/326-6301 (Investor Relations) shirley_stacy@3com.com