FINALLY FIGURED IT OUT..... TAB Products Co. and Docucon, Incorporated Sign Letter of
Intent
MALVERN, Pa., Jan. 26 /PRNewswire/ -- DOCUCON, Incorporated (OTC Bulletin Board: DOCU) TAB Products Co. (Amex: TBP), headquartered in Palo Alto, California and Docucon, Incorporated, headquartered in Malvern, Pennsylvania, today announced that they have entered into a non-binding letter of intent under which TAB will purchase certain operating assets and liabilities of Docucon for cash of approximately $3.5 million, the assumption of approximately $2.0 million of operating liabilities. The transaction is subject to additional due diligence by TAB, negotiation of a definitive agreement between the parties that will have normal and customary closing conditions, and approval of Docucon's shareholders. The acquisition is expected to be consummated by April 30, 2000.
Separately, Docucon indicated that the cash proceeds that ultimately are received in this transaction will be applied to certain liabilities not assumed by TAB before any distribution to Docucon's shareholders.
TAB Products Co., a leading document management company, provides efficient solutions that enable its customers to organize, control and find their critical documents. TAB leverages its knowledge of paper-based systems with expertise in emerging digital document management technologies. Docucon, Incorporated is a leader in high-volume conversions of electronic, paper and micrographic documents to optical and other types of storage media for use in document management systems and Internet applications for customers in the federal and commercial markets.
The release contains forward looking statements that are subject to risks and uncertainties, including but not limited to the inability of the parties to satisfy the conditions necessary to consummate this acquisition. All parties receiving this release are encouraged to review all filings made by the Company with the Securities and Exchange Commission.
SOURCE Docucon, Inc.
-0- 01/26/2000
/CONTACT: Douglas P. Gill, President & CEO, 610-240-9600, or dgill@docucon.com, or Warren D. Barratt, Senior Vice President & CFO, 610-240-9600, or wbarratt@docucon.com, both of DOCUCON/
/Web site: docucon.com /
(DOCU TBP)
CO: Docucon, Inc.; TAB Products Co. ST: Pennsylvania, California IN: CPR SU: TNM |
