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Gold/Mining/Energy : Image Processing Systems (IPV-TSE)
IPV 4.310-4.0%Jan 24 4:00 PM EST
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To: B. Kelly who wrote (562)6/8/1999 9:53:00 AM
From: Link Lady  Read Replies (1) of 658
 
ooks like the Tisma sale will be a write down & will be reported in annual report, which should be out end of June.

From Sedar site
IMAGE PROCESSING SYSTEMS INC.
MATERIAL CHANGE REPORT
Pursuant to: Section 67(1)(b) of the Securities Act (British Columbia)
Section 118(1)(b) of the Securities Act (Alberta)
Section 84(1)(b) of the Securities Act, 1988 (Saskatchewan)
Section 75(2) of the Securities Act (Ontario)
Section 73 of the Securities Act (Quebec)
Section 81(2) of the Securities Act (Nova Scotia)
Section 76(2) of the Securities Act (Newfoundland)
Item 1. Reporting Issuer
The reporting issuer filing this material change report is Image Processing
Systems Inc..
Item 2. Date of Material Change
May 28, 1999.
Item 3. Press Release
A press release was issued by Canadian Corporate News in Toronto on May
31, 1999 and was electronically filed through SEDAR as Project No.
00182949.
Item 4. Summary of Material Change
Image Processing Systems Inc. announced the sale of its Chicago-based,
wholly owned subsidiary, Tisma Machinery Corporation (“TMC”).
Item 5. Full Description of Material Change
Image Processing Systems Inc. (TSE:IPV) announced on May 31, 1999 the
sale of TMC. IPS purchased the high-speed packaging machinery
manufacturer on July 11, 1997. The Company stated the necessity to focus
on its core vision business and the lack of synergies between the two
companies as the main reasons for the sale. The write-down which occurred
as a result of the sale will be reported in the Company's year-end results,
expected to be disseminated by June 30, 1999.
Item 6. Reliance on Section 67(2) of the Securities Act (British Columbia);
Section 118(2) of the Securities Act (Alberta); Section 84(2) of the
Securities Act, 1988 (Saskatchewan); Section 75(3) of the Securities Act
(Ontario); Section 74 of the Securities Act (Quebec); Section 81(3) of the
Securities Act (Nova Scotia) and Section 76(3) of the Securities Act
(Newfoundland)
N/A
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