Here's the news. .......
Network Imaging Announces Sale of French Subsidiary Dorotech; Transaction Expected to Further Improve Company's Domestic Performance
HERNDON, Va., Dec. 12 /PRNewswire/ -- Network Imaging Corporation (Nasdaq: IMGX - news) today announced the sale of its wholly owned French subsidiary, Dorotech, as the Company's final divestiture in its recent restructuring activities. The sale, which completes the final payment of Network Imaging's Series F preferred stock buy back, will eliminate a $6.5 million debt, retire $1.5 million in goodwill and produce a gain of approximately $900,000.
Jim Leto, president and chief executive officer of Network Imaging, commented, ''I am pleased to report that we have reached a favorable arrangement with SER Systeme AG of Neustadt/Weid, Germany, resulting in the sale of Dorotech. While I am not at liberty to discuss the terms of this agreement, it is a significant development because it marks a major milestone in our three year strategy directed at balance sheet improvements. The purchase of Dorotech will greatly boost SER Systeme's presence in Europe, allowing both companies to cooperatively market their products and services. This divestiture also means that Network Imaging can now completely focus on its core competencies as a software company, allowing both analysts and investors the opportunity to evaluate their interest in this Company from that perspective.''
Network Imaging, Dorotech and SER are working on a cross-license agreement under which Dorotech will continue to sell Network Imaging's software products throughout Europe.
About SER Systems AG
SER is a leading European software producer for document management systems (DMS) and banking applications. It has over 400 high-performance DMS installations, with customers typically being large organizations including Esso, BASF, DuPont, SmithKline Beecham, Opel and EDS.
SER's flagship product, ITA, provides integrated document management, COLD and workflow. ITA is capable of enterprise-wide implementation and offers a broad range of connectivity options. These include linking with IBM mainframes, AS/400, Oracle and Informix databases, SAP R/2 and R/3 and Lotus Notes.
The SER group is publicly traded following a successful IPO in July 1997, (SES-Frankfurt Neuer Markt). For further information about SER, consult the company's Web site at ser.de or contact Dr. Phil Storey of SER Systeme AG in the USA at 703-471-5209.
About Network Imaging Corporation
Network Imaging Corporation (Nasdaq: IMGX - news) develops and markets multimedia content and storage management, Internet, workflow, engineering document management and COLD (Computer Output to Laser Disk) software products for Microsoft NT (Nasdaq: MSFT - news), UNIX and IBM MVS/VSE (NYSE: IBM - news) environments.
Network Imaging's flagship product suite, 1View, provides businesses with an automated method of electronically storing, accessing and managing large volumes of multimedia information such as office documents, images, video and audio files, engineering drawings and computer reports. The Company's software products are marketed through partners such as Sybase (Nasdaq: SYBS - news), Lockheed Martin (NYSE: LMT - news), ALLTEL (NYSE: AT - news), EDS (NYSE: EDS - news) and Intergraph Corporation (Nasdaq: INGR - news).
Network Imaging's mission is to efficiently solve multimedia storage, management and distribution challenges across enterprise and Internet/intranet environments. For additional information about Network Imaging's products or services, call 800-254-0994, browse our Web site at netimage.com, or e-mail nicinfo@netimage.com.
1View and the Network Imaging logo are trademarks of Network Imaging Corporation (Nasdaq: IMGX - news). All other products and brand names are trademarks or registered trademarks of their respective owners. |
