Press Release: Private Placement...
Subj: Scangraphics secures $5,200,000 private placement
Date: 97-04-16 13:04:43 EDT
From: AOLNewsProfiles@aol.net
BROOMALL, Pa.--(BUSINESS WIRE)--April 16, 1997--Scangraphics,
Inc. (NASDAQ:SCNG) announced Wednesday that it has entered into a
financing agreement with a New York-based investment group.
Under this new financing agreement, Scangraphics will receive an
initial $5.2 million in the first phase of a plan that is expected to
result in a total $17 million investment in the company over the next
12 to 18 months through the exercise of certain warrants that are a
part of the investment package.
These funds have been raised to support the growth of
Scangraphics and Sedona GeoServices Inc., its leading-edge
Geographic Information Systems (GIS) software subsidiary.
Laurence L. Osterwise, COO of Scangraphics, said that "I am very
pleased that this capital formation project is now behind us and the
funding that is so important to an emerging company such as ours, has
been put in place.
"I am particularly pleased with the high level of confidence that
the investment community has expressed in Scangraphics and Sedona
GeoServices, our vision and our actions. We have assembled a
technical and leadership team to deliver on our promise. We are
poised to be a leading provider of geospatial products and services
to a rapidly growing marketplace."
Scangraphics is a provider of Geographic Information Systems
(GIS) database management software products and is a pioneer and
leader in scanning and image processing technology, large document
scanners, backfile conversion services, and imaging software and
systems.
Its products are marketed internationally through systems
integrators and distributors. Scangraphics is a publicly held
corporation, with shares traded on NASDAQ (SCNG). The Scangraphics
corporate Internet Home Page is: scangraphics.com The
Sedona GeoServices Internet Home Page is: sedonageo.com
-0-
Sedona is a trademark of Scangraphics Inc.
Scangraphics is a registered trademark of Scangraphics Inc.
--30--eb/ny* MB/ph
CONTACT:
SCANGRAPHICS INC.
Financial and Company Information:
Donna McMenamin
VOICE: 610/328-1040 Ext 216
FAX: 610/543-6257
E-MAIL: donnam@scangraphics.com
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