To: KevinThompson who wrote (2390 ) 3/31/2000 1:09:00 PM From: KevinThompson Respond to of 48461
Manatron news: Friday March 31, 12:23 pm Eastern Time Company Press ReleaseManatron, Inc. Completes Acquisition of Selected Assets of CPS Systems, Inc. KALAMAZOO, Mich.--(BUSINESS WIRE)--March 31, 2000--Manatron, Inc. (Nasdaq:MANA - news) today announced that it has completed the $1.8 million acquisition of selected property tax and appraisal related assets of CPS Systems, Inc., as approved by the Northern District of Texas' U.S. Bankruptcy Court in Dallas on March 24. As announced on Monday, the operations purchased have recurring annual revenues of $2.3 million from approximately 60 counties, the majority of which are in Florida. To manage this business, two new Manatron offices, one in Tampa and in Dallas, will be staffed by approximately 20 former CPS personnel. ``Over the course of this week, we have met and become better acquainted with our new employees and customers, and we are very pleased with how well these meetings went. I am now very confident that we have assembled a team in Tampa and Dallas that will not only provide quality product and services to our new customers, but that will fit in very well with the culture we are developing throughout the entire company,' said Paul Sylvester, Manatron's President and Chief Executive Officer. CPS filed a voluntary petition for protection under Chapter 11 of the Federal Bankruptcy Code on January 19. Prior to filing for bankruptcy, CPS, which was founded in 1975, served more than 200 customers through offices in seven states and reported revenue of $5.1 million for the first nine months of 1999. The remaining assets of CPS were awarded to other bidders. Manatron, Inc. designs, develops, markets and supports a family of web-based and client/server application software products for county, city and township government. Manatron's products support back-office processes for government agencies as well as ``Virtual Courthouse' needs providing Internet access to information for industry professionals and the public. Through its Sabre Appraisal division, Manatron provides mass appraisal services, assessing residential, commercial and other types of properties to ensure updated and equitable property valuations. Manatron currently serves approximately 1,600 customers in 29 states and three Canadian provinces. Information about Manatron, Inc. is available at the Company's site on the World Wide Web at manatron.com . Safe Harbor Statement: The information provided in this news release may include forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. Actual results may differ from such projections and are subject to certain risks including, without limitation, risks arising from: changes in the rate of growth of the local government appraisal industry, increased competition in the industry, delays in developing and commercializing new products, adequacy of financing and other factors described in the Company's most recent annual report on Form 10-K and most recent Form 10-Q filed with the Securities and Exchange Commission, which can be reviewed at sec.gov . KT