4Front Software International, Inc. to write-off ActionTrac Inc. investment.LONDON--(BUSINESS WIRE)--Jan. 9, 1997--4Front Software International, Inc. ("4Front")(Nasdaq NM Symbol: FFST FFST First Failure Support Technology FFST Fat Free Soft Tissue FFST Full and Flat Square Tube (Cathode Ray Tube design) ) today announced that as a result of the Chapter 7 bankruptcy filing of ActionTrac Inc. ("ActionTrac"), the company's partner in the ActionTrac International joint venture which was formed to provide computer help-desk services outside the US, 4Front will recognize in the fourth quarter ending January 31, 1997 a non-recurring charge of up to $1.2 million in connection with its investment in ActionTrac. The impact of this write-off will be to reduce net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. and earnings per share for the fourth quarter by up to $0.18. Net assets per share as of October 31, 1996 were $3.15 (including cash per share of $1.12). 4Front believes that the bankruptcy of ActionTrac will not have an adverse material effect on its help-desk business. 4Front currently provides help-desk support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to both the retail and the corporate market within the UK. Both areas of the company's help-desk activity have recently demonstrated significantly improved operating performances. For example, on the retail side, the help-desk relationship with Byte, one of the UK's top three computer retailers, now generates billings of over $100,000 per month. On the corporate side, one of the new help-desk installations managed by 4Front is at Pfizer Limited. This installation now has an annual contract value to 4Front of over $2 million, and was recently awarded the Help Desk of the Year Award by the leading UK industry user group. 4Front Software International, Inc., a UK-based specialized computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. company provides a wide range of specialized high-end information technology solutions and services principally to Financial Times UK Top 500 companies and government authorities. The company provides key elements of distributed computing (1) The use of multiple computers networked throughout a wide geographical area, or the world via the Internet, in order to solve a single problem. See grid computing. (2) The use of multiple computers in an enterprise rather than one centralized system. , including systems development and integration, storage and client-server solutions and products, as well as extensive hardware and software support services. The company's customers include National Westminister Bank plc, British Aerospace British Aerospace (BAe) was a UK aircraft and defence systems manufacturer, now part of BAE Systems. History The company was formed as a statutory corporation on April 29, 1977 as a result the Aircraft and Shipbuilding Industries Act. plc, Oracle Corporation, Royal Dutch/Shell Group plc, Orange plc, Cambridge University Cambridge University, at Cambridge, England, one of the oldest English-language universities in the world. Originating in the early 12th cent. (legend places its origin even earlier than that of Oxford Univ. and the UK Ministry of Defense. CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Jason Thompson Lippert/Heilshorn & Associates, Inc. Tel: 212/838-3777 or Company Contact: Mark Ellis or Ken Newell 4Front Software International, Inc. Tel: 011/44-1923-294555 |
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