USTI makes an acquisition:
United Systems Technology, Inc. Announces Purchase of Assets of Auto Administrator Int'l, Inc.
DALLAS--(BUSINESS WIRE)--June 21, 2000--United Systems Technology, Inc. (OTCBB:USTI - news) announced today that the Ontario Superior Court of Justice in Bankruptcy has approved USTI's bid for the purchase of substantially all of the assets of Auto Administrator Int'l, Inc. (``Auto Admin'').
USTI successfully bid US $255,700 in cash for the Auto Administrator DOS and Windows source code and software support and licensing agreements for over 300 customers primarily located in Canada. The assets purchased also included the accounts receivable related to these customers as well as substantially all of the fixed assets of Auto Administrator, in both the London, Ontario and Winnipeg, Manitoba offices. USTI is in the process of registering a wholly owned Canadian subsidiary, USTI Canada, Inc., which will receive the assets purchased in the transaction and serve as USTI's operating entity in Canada. USTI Canada, Inc. will be staffed by former Auto Admin employees.
USTI develops, markets and supports application software for local governments and rural water districts. The software applications operate in IBM midrange, network and single user PC platforms. USTI and its subsidiaries have over 2,000 installations in the United States and Canada.
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Contact:
United Systems Technology, Inc., Dallas
Randy McGee, 972/402-8600
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