it's like talking to yourself
AGOURA HILLS, Calif., Dec. 18 /PRNewswire/ -- Interscience Computer Corporation (Nasdaq: INTRO) announced that it had sold its Xerox laser printer maintenance business to Anacomp, Inc. (Nasdaq: ANCO), a major international provider of information delivery systems and services. The assets sold were maintenance contracts with 34 customers, certain accounts receivable, inventory located at customer sites or with field engineers, and certain diagnostic equipment used by field engineers. Anacomp paid $1,200,000 for the above assets plus an earnout up to $500,000 after one year based on their gross receipts for 12 months post closing. Anacomp also agreed to assume the Company's obligations under the maintenance contracts. The inventory and diagnostic equipment were sold at 80% of book value. The sale was approved by the U.S. Bankruptcy Court on December 1, 1997. The sale was effective as of November 1, 1997. The Xerox maintenance business currently represents approximately 35% of the company's gross revenues.
Interscience had filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 6, 1997. The Company submitted a plan of reorganization and a disclosure statement on December 2, 1997 to the bankruptcy court. The Plan is subject to amendment prior to its confirmation hearing. A hearing on the adequacy of the disclosure statement and the accompanying plan is presently scheduled for January 7, 1998. |
