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Technology Stocks : ADSOD-Adaptive solutions -- Ignore unavailable to you. Want to Upgrade?

To: Follies who wrote (384)	2/19/1998 12:57:00 PM
From: tonyt	Respond to of 477

> ADSO put you to sleep? Looks that way :-) Here's the release: ADAPTIVE SOLUTIONS AGREES TO ACQUIRE MIMETICS, S.A. OF FRANCE Beaverton, OR -- February 19, 1998 - In another step in its strategy to become a leader in Computer Assisted Data Entry (CADE), Adaptive Solutions Inc. (NASDAQ:ADSO) today announced that it has agreed to acquire Mimetics, S.A. of Paris, France. Mimetics develops and markets high accuracy, high speed data entry recognition software for reading printed documents. "This is the next key building block in our plan to build on last fall's acquisition of Eastman Kodak's OCR business," said Dan Meub, president and chief executive officer of Adaptive Solutions. "Mimetics' neural-net-based software is highly trainable, substantially faster and more accurate than anything else we've seen in the CADE marketplace today. Moreover, the ease and speed of training will make it particularly effective as we tune data entry solutions for the health care and transportation markets. Together with the next-generation OCR and ICR software that we purchased from Kodak, we are now on a path to deliver breakthrough data entry products in several releases scheduled for this year. "In addition," continued Meub, "Mimetics will add to our revenue stream immediately. The company had approximately $1.2 million in revenue in 1997 and we expect growth and a positive contribution to our ongoing results in 1998. Along with technology and current revenue, Mimetics also gives us a beachhead from which to expand our sales in Europe." Closing of the purchase is expected within one month. At that time, Adaptive Solutions will issue approximately 305,000 shares of common stock and 200,000 warrants to purchase common stock at $3.00 per share to the shareholders of Mimetics, which is privately held. A portion of the purchase will involve in-process research and development assets, which will be evaluated and may be written off during Adaptive Solutions first quarter. Prior to the transaction announced today, Adaptive Solutions has held a minority ownership in Mimetics since 1996, when the two companies entered into a strategic partnership. This press release contains forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, including, without limitation, integration of Mimetics into Adaptive Solutions' future products, continued growth in Mimetics' sales, development of additional sales of Kodak OCR products from new and existing customers and implementation of the company's plans to add to acquired product lines. The forward-looking statements should be considered in light of those risks and uncertainties. Adaptive Solutions, headquartered in Beaverton, Oregon, was founded in 1988 and pioneered data parallel processing for advanced pattern recognition, image processing, and intelligent character recognition applications. Today, Adaptive Solutions provides productive, mission critical, data entry through standards-based Computer Assisted Data Entry (CADE) solutions. ####