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To: steve who wrote (25843)	4/14/2004 11:26:02 PM
From: steve	Respond to of 26039

Payroll Giant Paychex Buys Florida-Based Developer of Attendance Systems April 14, 2004 7:18pm Knight-Ridder / Tribune Business News Apr. 14--Stromberg LLC, the Lake Mary, Fla.-based developer of time-and-attendance systems headed by Newburgh, N.Y., native Seth Bernstein, has been acquired by payroll giant Paychex Inc. Paychex announced the deal early yesterday, but did not disclose the price paid for privately held Stromberg. Bernstein will stay on as president and chief executive officer of Stromberg, which will operate as a division of Paychex, the Rochester-based payroll company headed by Tom Golisano. "We're really going to run as a separate entity," Bernstein said. "We've gotten some significant capital to grow the organization, so I'm pretty excited." Stromberg develops automated systems for tracking employee attendance. It's a rapidly evolving industry driven by technology. Biometric terminals, for instance, identify employees by unique characteristics such as finger shape. The deal gives Stromberg access to Paychex's 1,600 sales reps. In October, Paychex bought Time in a Box, an attendance product developed by Stromberg. The negotiations leading to that deal eventually morphed into acquisition talks, which wrapped up Friday afternoon in Rochester. Bernstein, 28, is a 1994 graduate of Newburgh Free Academy. He dropped out of college at 19 and took a sales job with ADP, a payroll and human resources administration company, where he quickly excelled. He bought into Stromberg in December 2002 and has tripled the company's work force. Bernstein, already a multimillionaire, will profit handsomely from the deal with Paychex. He declined to provide specifics of his compensation, but noted that about 30 of Stromberg's 85 employees owned stock in the company, and will benefit from the deal as well. To see more of The Times Herald-Record, or to subscribe to the newspaper, go to recordonline.com Copyright © 2004 The Times Herald-Record, Middletown, N.Y. Distributed by Knight Ridder/Tribune Business News. hoovers.com There ya go Pappy ;-) steve

To: steve who wrote (25843)	4/15/2004 12:29:55 AM
From: steve	Read Replies (1) \| Respond to of 26039

Imagis Announces Year-end Results by: Editorial Department 2004-04-14 11:31:12 AM Imagis Technologies announced that its fiscal year revenues at December 31, 2003 were US$1,355,742, a decrease of 55 percent over the previous fiscal year. The decreased revenues were primarily due to lower software sales. Operating expenses totaled $5,414,599 for 2003, which is 46 percent lower than the 2002 operating expenses of $9,974,281. The lower costs over the prior period resulted from significant decreases in the areas of administration, sales and marketing, and technology development and technical services. Management has implemented significant cost reduction strategies during the final quarter of 2002 and throughout 2003. Overall, the Company incurred a net loss for the year ended December 31, 2003 of $4,058,857 or $0.74 per share, which is 42 percent lower than the net loss incurred during the year, ended December 31, 2002 of $6,951,393 or $1.71 per share. Even though the Company experienced reduced revenues during the year, the loss was reduced through management's cost reduction strategies. Imagis, with its roots in the development of law enforcement applications and Facial Recognition (FR) algorithms, has emerged as an international supplier of Arrest and Booking software. The company's technology is used in a variety of identity investigation and verification applications ranging from victim identification to 'alias' fraud detection. asmag.com steve