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Technology Stocks : UNICOMP (UCMP) -- Ignore unavailable to you. Want to Upgrade?

To: TokyoMex who wrote (1523)	7/2/1998 4:06:00 PM
From: The Ox	Respond to of 1608

It was nervous hands getting out. Stock looked like a nice buy today in the low 3s. Here's the news: UniComp Restructures Transaction Processing Division and Forecasts First Quarter of Fiscal 1999 MARIETTA, Ga.--(BUSINESS WIRE)--July 2, 1998--UNICOMP, INC. (NASDAQ: UCMP) today announced that it has begun to restructure its UniPay "formerly Smoky Mountain Technologies" transaction processing division. The Company has terminated Mr. Mike Wilson, President of UniPay, and also has received his resignation from its Board of Directors. The Company has retained Mr. Stan Stoudenmire, an outside consultant to assist in reviewing the strategic direction of UniPay, including product offerings, organizational structure, and integration of the recently acquired Novatek Corporation in Coral Springs, Florida. Mr. Stoudenmire is an industry veteran with over 23 years of experience in finance, operations and restructuring. The turnaround team headed by Mr. Stoudenmire will include Mr. Harry Hargens, a 17 year industry veteran and Mr. Steve Howe, Chief Operations Officer of UniPay. The team has been assigned the task to assess, revise and manage the UniPay division. Due to slower than anticipated software and service revenue, start up costs for the UniComp Products' division, and the UniPay losses, the Company expects revenues of approximately $12.5 million and anticipates a net loss of between $0.05 to $0.10 per share for the first quarter ended May 31, 1998. "While we regret having to relieve Mike Wilson of his duties, decisive action was necessary to directly address significant problems affecting our revenue and operations," commented Stephen A. Hafer, UniComp's President and CEO. "We believe that UniPay has a stable of good products and the team we have put in place will quickly revitalize the division. Now that we have begun to take the steps necessary to get our transaction processing division back on track, we are confident in UniComp's ability to begin to perform once again to shareholders' expectations." UniComp, Inc. develops markets and supports platform-migration, vertical market applications and payment processing systems for Windows NT and UNIX-based computer systems and point of transaction processors worldwide. The Company licenses its technology to a cross section of industries including manufacturing, distribution, transportation, public-sector, point of sale and transaction processors. Additionally, the Company provides installation, training, systems integration, support and Year 2000 services, serving a worldwide network of end user customers, dealers and distributors. UniComp employs over 500 staff worldwide and has over 50 distributors internationally, with over 30,000 installations in more than 55 countries. Please visit our World Wide Web site at unicomp.com for further information on UniComp. This announcement contains forward looking statements and remarks relative to future events and financial performance which are subject to the risks and uncertainties described in reports filed from time to time with the SEC. These filings contain and identify important factors that could cause actual results to differ materially from those contained in our forward looking statements. These factors include, but are not limited to, timely development and market acceptance of its products (and upgrades to those products) completion of UNIBOL400 development and its subsequent market acceptance, the ability to develop new products to penetrate the POS marketplace, market pressures on its services businesses, and the impact of competitive products, pricing, and the fact that the company's software product license revenue can fluctuate from quarter to quarter as a result of various factors and conditions.