PREMIS SOFTWARE (PMIS)-Hi Growth, Hi Profits, Lo Multiple Message Board

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Microcap & Penny Stocks : PREMIS SOFTWARE (PMIS)-Hi Growth, Hi Profits, Lo Multiple

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To: GARY P GROBBEL who wrote (96)	2/9/1999 9:20:00 PM
From: straight life	Read Replies (1) of 110

(Gee, no bows gary? I guess failure IS an orphan!!) Unable to find a buyer, Premis plans to wind down MINNEAPOLIS, Feb 8 (Reuters) - Premis Corp. (OTC BB:PMIS - news) said Monday that after failing to find a corporate partner, strategic alliance or buyer for the company, its board of directors will propose that the company wind down and liquidate its operations. Premis, which developed retail management systems, said it will wind down its Canadian subsidiary and consolidate its operations in the United States pending a shareholder vote on liquidation of the company's assets. It expects to mail proxy materials regarding the proposal no later than March 22. Fritz Biermeier, president and chief executive officer, said in a statement that the company's net assets over the near term will not be less than $0.90 per share, about where the shares closed last Friday on the Nasdaq bulletin board. ''This per-share estimate includes the receipt of the second payment of $3.25 million under the company's contract with NCR Corp. (NYSE:NCR - news), a payment which is expected but not guaranteed,'' Biermeier said. The per-share estimate may be affected by the tax treatment of distributions by U.S. and Canadian tax authorities. Pending approval to liquidate, the company said it intends to lay off most of its 42 employees by the end of May 1999 and that members of its board of directors and management will resign upon completion of the winding down operations. It said it expects to complete the majority of its wind-down efforts by the end of July 1999. The company's obligations to creditors will be satisfied with existing resources, Premis said. Biermeier also said the company will continue to seek a buyer for its software technology (can YOU say the pride of plymouth minnesota??)

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