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Gold/Mining/Energy : Image Processing Systems (IPV-TSE) -- Ignore unavailable to you. Want to Upgrade?

To: B. Kelly who wrote (562)	6/8/1999 9:53:00 AM
From: Link Lady	Read Replies (1) \| Respond to of 658

ooks like the Tisma sale will be a write down & will be reported in annual report, which should be out end of June. From Sedar site IMAGE PROCESSING SYSTEMS INC. MATERIAL CHANGE REPORT Pursuant to: Section 67(1)(b) of the Securities Act (British Columbia) Section 118(1)(b) of the Securities Act (Alberta) Section 84(1)(b) of the Securities Act, 1988 (Saskatchewan) Section 75(2) of the Securities Act (Ontario) Section 73 of the Securities Act (Quebec) Section 81(2) of the Securities Act (Nova Scotia) Section 76(2) of the Securities Act (Newfoundland) Item 1. Reporting Issuer The reporting issuer filing this material change report is Image Processing Systems Inc.. Item 2. Date of Material Change May 28, 1999. Item 3. Press Release A press release was issued by Canadian Corporate News in Toronto on May 31, 1999 and was electronically filed through SEDAR as Project No. 00182949. Item 4. Summary of Material Change Image Processing Systems Inc. announced the sale of its Chicago-based, wholly owned subsidiary, Tisma Machinery Corporation (“TMC”). Item 5. Full Description of Material Change Image Processing Systems Inc. (TSE:IPV) announced on May 31, 1999 the sale of TMC. IPS purchased the high-speed packaging machinery manufacturer on July 11, 1997. The Company stated the necessity to focus on its core vision business and the lack of synergies between the two companies as the main reasons for the sale. The write-down which occurred as a result of the sale will be reported in the Company's year-end results, expected to be disseminated by June 30, 1999. Item 6. Reliance on Section 67(2) of the Securities Act (British Columbia); Section 118(2) of the Securities Act (Alberta); Section 84(2) of the Securities Act, 1988 (Saskatchewan); Section 75(3) of the Securities Act (Ontario); Section 74 of the Securities Act (Quebec); Section 81(3) of the Securities Act (Nova Scotia) and Section 76(3) of the Securities Act (Newfoundland) N/A