CRNR splits into separate Software & Display co's:
(When I'm wrong I'm way wrong...)
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Quarterly highlights include:
Announces management buy-out of Display Division, net proceeds estimated at $10.7 million
Corporate name changes to Input Software Inc., which remains a public company
Display Division to continue to operate as a private company under the name Cornerstone Display Technology Inc.
-- Former CEO van Overbeek becomes Chairman of Input Software -- Former General Manager of Software Division, Kim
Hawley, becomes
President and CEO of Input Software -- Software revenue for Q1 98 is $3.4 million, up 34% from Q1 97
Cornerstone Imaging Inc. announced today that it has signed a letter of intent to sell its Display Division in order to focus solely
on its emerging presence as a software provider.
The sale, which is expected to close by June 30, 1998, will be made to a current management team led by John Noellert,
general manager of the Display Division. Commensurate with the decision to focus as a software provider, Cornerstone will
change its name to Input Software Inc.
The Cornerstone name will be retained by the Display Division. Kimra Hawley, senior vice president and general manager of
the software division, has been named president and chief executive officer of Input Software Inc. The sale of the Display
Division is expected to net approximately $10.7 million to Input Software and result in a charge against earnings of
approximately $2.6 million in the Q1 98 financials.
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