SFE announcement,
Subj: Safeguard Scientifics Announces Newest XL Vision...
Date: 1/8/99 8:29:06 AM Eastern Standard Time
From: AOL News
BCC: Bigkid53
Safeguard Scientifics Announces Newest XL Vision Spin-Out and the Closing of Integrated Systems Consulting Group's Merger with First Consulting Group
WAYNE, Pa., Jan. 8 /PRNewswire/ -- Safeguard Scientifics, Inc., the New York Stock Exchange-listed (NYSE: SFE) strategic information systems company, announces its investment in Integrated Visions, Inc., the latest spin-out from XL Vision, Safeguard's incubator of imaging technology companies. Previous spin-outs from XL Vision include ChromaVision and Who? Vision Systems which presently has a registration statement filed with the Securities and Exchange Commission. Additionally, the Company announces the closing of the merger of one of its public partnership companies, Integrated Systems Consulting Group (Nasdaq: ISCG), with First Consulting Group (Nasdaq: FCGI).
Safeguard's Newest Investment, Integrated Visions
Safeguard has acquired 40% ownership of Integrated Visions, a provider of network security solutions based on biometric authentication, initially to the healthcare industry. Patient medical information has been moving to electronic form, and as a result the healthcare industry and government have mandated tighter security systems to protect patient privacy. Integrated Visions' Privacy Curtain(TM) software enables secure and convenient access to computerized patient information on intranets, extranets, and across internets for telemedicine applications using biometrics including fingerprint identification technologies from Who? Vision Systems. The company is very early stage and is currently building its management team and business infrastructure.
Commenting on the investment, John Scott, XL Vision's chairman and CEO, said, "We are very pleased Safeguard has invested in another one of our spin-outs. Integrated Vision's solutions address the healthcare industry's security demands resulting from the growing use of internal and external networks to share confidential patient data."
Glenn Rieger, Safeguard's senior vice president of business development, commented, "Integrated Visions is the fourth XL Vision spin-out in which Safeguard has made an investment. The concept for Integrated Visions emerged during the formation of Who? Vision Systems and in response to the increased demands for security due to the rapid adoption of the Internet for use by clinicians to share highly sensitive patient data. This healthcare technology pioneer gives Safeguard another investment in the rapidly expanding Internet biometric security market."
Integrated Systems Consulting Group Merges with First Consulting Group
The merger of Integrated Systems Consulting Group and First Consulting Group closed on December 18, 1998. As part of the merger agreement, ISCG common stockholders received 0.77 shares of First Consulting Group common stock for each share of ISCG common stock held.
The combined company, First Consulting Group, now provides consulting, custom development, systems integration and management services to the healthcare, pharmaceutical and life sciences industries through 27 offices and 1,400 people serving North America and Europe. The firm's services are designed to increase its clients' operational effectiveness, resulting in reduced costs, improved customer service, enhanced quality of patient care and the more rapid introduction of new pharmaceutical compounds.
James A. Reep and Luther J. Nussbaum continue as chairman of the board and chief executive officer, respectively. David S. Lipson, formerly chairman and chief executive officer of ISCG, becomes vice chairman and managing director of the pharmaceutical and life sciences practice.
ISCG was brought public in 1996 through a rights offering to Safeguard shareholders at an exercise price of $5.00. Based on First Consulting Group's price as of January 7, 1999, an investment in ISCG's rights offering has appreciated 265%. After the closing of the merger, Safeguard now holds approximately 451,000 common shares and 131,000 warrants which represent less than 2.5% fully diluted ownership.
Commenting on the merger, Pete Musser, Safeguard's chairman and CEO, said, "We are pleased with the success of ISCG, and the appreciation our shareholders have earned. This merger is a favorable event to all constituents and creates a company with greater depth and breadth to serve the growing healthcare services and pharmaceutical industries."
About Safeguard
Safeguard Scientifics, Inc. (www.safeguard.com) is a unique partnership of entrepreneurial companies focused on information technology markets. Safeguard has a proven track record of bringing emerging companies to market through rights offerings to Safeguard shareholders. Past Safeguard rights offerings include Novell, Inc., CompuCom Systems, Inc., Cambridge Technology Partners (Massachusetts), Inc., Coherent Communications Systems Corporation (merged with Tellabs, effective August 3, 1998), USDATA Corporation, Integrated Systems Consulting Group (merged with First Consulting Group, effective December 18, 1998), Sanchez Computer Associates, Diamond Technology Partners, Inc., ChromaVision Medical Systems, Inc., OAO Technology Solutions, Inc. and DocuCorp International.
SOURCE Safeguard Scientifics, Inc.
CO: Safeguard Scientifics, Inc.; Integrated Systems Consulting Group; First Consulting Group; Integrated Visions, Inc.; XL Vision
ST: Pennsylvania
IN: CPR FIN HEA
SU: TNM
01/08/99 08:27 EST prnewswire.com
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